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Comment - Tuesday View

Latest Tuesday Views

  • Another Greek election is the last thing the market needs

    Greece may be off most market participants’ radars for the moment. But with another election in the country looking increasingly likely, an already busy period for political risk could be about to grow worse.

    • 28 Jul 2015
  • Synthetic is not a synonym for bad in securitization

    Regulators, politicians and investors are right to be sceptical about synthetic securitizations as a tool for transferring risk. Pre-crisis deals were rife with confusing, and at times dishonest, documentation. But with the right approach, these deals can help banks reduce their risk and give qualified investors access to much needed yield.

    • 28 Jul 2015
  • Singapore should take a green leaf out of China’s book

    China is expected to introduce incentives for green bond issuance as part of its efforts to push forward its developing green bond market. Singapore should do the same, if it wants to bring its sluggish bond market back to life.

    • 28 Jul 2015
  • Indian loans: the price is right

    The supply-demand dynamic for overseas syndicated loans from India so far this year is firmly in favour of demand. This has resulted in price compression that is a headache for banks but makes it a great time for Indian corporates to refinance. Borrowers should act now.

    • 28 Jul 2015
  • Zambia no fool to pay up

    Those watching Zambia bonds might think that the $1.25bn deal this week yielding 9.375% demonstrates a borrower on the ropes considering in 2012 it paid a coupon of 5.375% for its debut bond. In fact, this is a borrower showing smarts when the rest of the CEEMEA gang appear to have bottled it.

    • 23 Jul 2015
  • Why football and capital markets should never mix

    The adding of FC Barcelona legend Pep Guardiola’s name to a list of pro-independence candidates for the Catalonia regional parliament elections in September is the latest in a long line of football/capital markets crossovers. Rarely do they end well.

    • 21 Jul 2015
  • VTB buyback offer peeks into fears for Russian growth

    VTB's huge multi-tranche tender offer makes financial sense, but also demonstrates the pessimistic outlook for Russian growth at one of Russia’s biggest corporate lenders, despite this year’s rally in the country’s bonds.

    • 21 Jul 2015
  • What if the FCA didn’t exist?

    The UK’s conduct regulator may have lost its boss, but it’s still going from strength to strength, despite having less reason than ever before to exist at all.

    • 21 Jul 2015
  • Chinese friends-and-family euro bonds make more sense than you think

    The unusual execution of some recent Chinese euro deals might not be everyone’s cup of tea, especially those participants who like to preach best market practices. But the doomsayers should not be so quick to condemn. What the Chinese have shown is the type of flexibility that is needed to get deals done.

    • 21 Jul 2015
  • Why A-shares crisis won't slow RMB internationalisation

    When a market doubles in size in a year, only to collapse by a quarter in a few weeks, a dose of panic is all but guaranteed. That’s exactly what has been happening with Chinese stocks, which went from boom to bust in the blink of an eye. But more surprising than the panicked reactions of Chinese regulators have been the many voices among international observers that the crisis spells doom for the RMB internationalisation process. That seems unlikely.

    • 17 Jul 2015
  • Opinion: CEEMEA concessions are signs of increasing sophistication not EM stress

    CEEMEA borrowers pounced on a clear window this week and paid for it with premiums as high as 50bp. But while everyone talks about the size of the concessions, it's worth noting that issuers showed the maturity to accept them.

    • 15 Jul 2015
  • #ThisIsACanKicking that will create a scrappy SSA market

    What the Greece agreement means for its future and European democracy is open to debate. But the Greek crisis’s can kicking of the last few years will certainly increase in volume and frequency — meaning SSAs should get used to a window driven market.

    • 14 Jul 2015
  • Time for Asian ECM to end its reliance on cornerstones

    China’s domestic stock market has been gripped by chaos in recent weeks, and as investors duck for cover, it would be easy for bankers to fall back on cornerstone support to get deals done. But they would be missing a crucial opportunity for Asia ECM to grow up.

    • 14 Jul 2015
  • Are committees killing investment banking?

    The new chief executives at Deutsche Bank and Barclays have plenty of challenges ahead. Internal bureaucracy could well be the biggest.

    • 13 Jul 2015
  • The dream of simpler bank capital is dead

    Investors have been complaining about a lack of harmonisation across bank capital products for years. But with new loss-absorbency rules putting it more at risk than ever, they appear to have fallen silent.

    • 09 Jul 2015

More Comment - Tuesday Views

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 230,125.20 889 8.83%
2 Bank of America Merrill Lynch 199,331.24 708 7.65%
3 Citi 197,447.07 750 7.58%
4 Barclays 188,960.20 624 7.25%
5 Deutsche Bank 159,479.32 674 6.12%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2015
1 HSBC 27,727.61 100 7.69%
2 JPMorgan 21,982.84 50 6.10%
3 BNP Paribas 21,419.13 130 5.94%
4 Deutsche Bank 21,038.50 96 5.83%
5 Credit Agricole CIB 17,624.18 80 4.89%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2015
1 UBS 17,011.43 60 9.97%
2 Goldman Sachs 16,393.06 54 9.61%
3 Bank of America Merrill Lynch 14,330.10 59 8.40%
4 JPMorgan 14,207.16 73 8.33%
5 Morgan Stanley 12,306.41 60 7.21%