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Comment - Tuesday View

Latest Tuesday Views

  • Africa is no quick fix for dearth of Russian loans

    The international Russian syndicated loan market is in dreadful shape, as relations between Russia and the West plumb new depths. Lending banks are trying to reorient their personnel and capital to other regions. Africa and the Middle East are natural places to turn. But while they could well be promising areas of growth for the future, banks should be wary of jumping for quick fixes.

    • 26 Aug 2014
  • Don't ignore Sing dollars once the summer lull is over

    While the rest of Asia’s markets have been taking their summer breaks, Singapore dollars have been revving up. Recent deals have shown that the market can offer a strong alternative, with bigger sizes and longer tenors than dim sum — and even the opportunity to price through the dollar curve.

    • 26 Aug 2014
  • AT1 investors are naked. Give them some CDS

    The inchoate additional tier one asset class is highly complex and comes with many risks, and recent volatility shows it may also be prone to panic attacks. One way to help ensure it remains liquid, correctly priced and, most importantly, as stable as possible is to give investors the ability to accurately hedge their AT1 investments. But that doesn't seem likely any time soon.

    • 26 Aug 2014
  • Don’t cut, the only way for CEEMEA bond volumes is up

    With all that has happened in the last few months in Russia and Ukraine, heads of DCM must be thinking about taking axes to their headcounts. But to start swinging them would be foolish when the market could still bounce back and annual refinancing volumes are about to rocket.

    • 21 Aug 2014
  • SEC's money fund plan adds worst parts of banking

    The Securities and Exchange Commission has tried to cut the risk of runs in the money market fund industry by introducing liquidity fees and redemption gates. But as the Federal Reserve has just pointed out, by doing so it has done the opposite of what it intended, and made the funds more like banks.

    • 19 Aug 2014
  • You can’t offer risk without paying up

    Indonesia’s Berau Coal Energy tried to tip the balance in its favour with its bond offering last week by asking investors to take on greater risk but not compensating them for it. Unsurprisingly, the deal did not see the finish line. BCE would do well to keep in mind the age old adage that you can’t have your cake and eat it too.

    • 19 Aug 2014
  • Don’t cut now, the only way for CEEMEA bond volumes is up

    With all that has happened in the last few months in Russia and Ukraine, heads of DCM must be thinking about taking axes to their headcounts. But to start swinging them would be foolish when the market could still bounce back and annual refinancing volumes are about to rocket.

    • 19 Aug 2014
  • Dealers should pay for credit ratings

    News last week that a minor tweak in S&P’s corporate loan rating methodology could win them back market share in the lucrative new issue CLO market reignited the debate about the business model of issuers paying to be rated. Even if S&P’s internal controls and the Chinese wall which they insist exists between commercial and analytical considerations is robust, market participants clearly do not believe it. It is time to overhaul the way the credit ratings industry works.

    • 19 Aug 2014
  • Bankers want Russians to give incentives not threats

    With some Russian loan deals progressing despite US and EU sanctions, those borrowers who find support among banks should make sure they reward that loyalty later. But nobody wants to sour relations, so banks which choose not to lend must have long list of reasons why they can’t. Russian borrowers should not take it personally — they are going to need all the friends they can get, so more carrot and less stick is the way to see deals through.

    • 14 Aug 2014
  • Russian threats to bankers are empty

    Banks are under pressure to lend to Russian borrowers. But although bankers have grown accustomed to moving mountains for the Russian issuers, they should not fear the repercussions if this time they cannot.

    • 14 Aug 2014
  • What a way to make a living (will)

    The US Federal Reserve told 11 banks last week that they had failed utterly to draft so called living wills — plans for how they would raise capital in a crisis and how they could be resolved in a hurry if they go under. It was right, they had failed. But the whole concept of living wills is shonky.

    • 14 Aug 2014
  • Bankers need carrots not sticks from Russian borrowers

    With some Russian loan deals progressing despite US and EU sanctions, those borrowers who find support among banks should be make sure they reward that loyalty later. But nobody wants to sour relations, meaning that banks which choose not to lend must have an arm-length list of reasons why they can’t. So Russian borrowers should not take it personally – they are going to need all the friends they can get, so more carrot and less stick is the way to see deals through.

    • 14 Aug 2014
  • The market is the loser in the rating agency war

    Standard & Poor’s has tweaked its corporate loan recovery ratings, indirectly affecting CLO recovery value tests and prompting managers to consider returning to the agency after preferring Moody’s. What a coincidence.

    • 13 Aug 2014
  • Russian threats to bankers are empty

    Banks are under pressure to lend to Russian borrowers. But though bankers have grown accustomed to moving mountains for the Russian issuers, they should not fear the repercussions if this time they cannot.

    • 13 Aug 2014
  • The market is the loser in the ratings agency war

    Standard & Poor’s has tweaked its corporate loan recovery ratings, indirectly affecting CLO recovery value tests and prompting managers to consider returning to the agency after moving to Moody’s. What a coincidence…

    • 12 Aug 2014

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Aug 2014
1 JPMorgan 215,971.90 822 7.91%
2 Barclays 203,469.57 697 7.45%
3 Deutsche Bank 198,268.00 785 7.26%
4 Citi 192,847.53 709 7.07%
5 Bank of America Merrill Lynch 184,602.45 658 6.76%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Aug 2014
1 BNP Paribas 33,407.13 146 7.57%
2 Credit Agricole CIB 24,087.32 95 5.46%
3 HSBC 22,170.66 125 5.02%
4 UniCredit 20,938.85 102 4.74%
5 Commerzbank Group 20,285.28 116 4.60%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Aug 2014
1 JPMorgan 20,187.61 96 9.15%
2 Goldman Sachs 19,786.26 62 8.97%
3 Deutsche Bank 18,686.20 63 8.47%
4 UBS 16,830.14 66 7.63%
5 Bank of America Merrill Lynch 16,179.41 55 7.33%