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Comment - Tuesday View

Latest Tuesday Views

  • Ethical investing means nothing without transparency

    Social responsibility means accountability, and accountability requires transparency. Even where socially responsible issuers show what they have funded, investors need comparisons to prove they have done some good.

    • 25 Mar 2015
  • Make no mistake, Project Euro is in big trouble

    Greece’s euro-denominated future hangs in the balance. Greater integration and less sovereignty is needed to save the European project, but the ideological gap between Greece and Germany shows it will be nearly impossible to achieve.

    • 24 Mar 2015
  • Contractually or not, senior is bail-inable

    Investors in bank senior unsecured bonds have sailed through most of the crisis believing they are safe from haircuts if the bank fails. They’ve been wrong before, and as time goes on, it should be ever more clear that they face real credit risk.

    • 24 Mar 2015
  • The EM house isn't about to burn down

    With the first US rate hike in years drawing closer, it’s no surprise to see analysts and public officials singling EM out as the source of the next credit crisis. But a well-meaning warning without nuance can look a lot like scaremongering.

    • 24 Mar 2015
  • Applaud Indonesia's foreign debt caution

    Indonesia's central bank was right to introduce new rules on foreign debt issuance by private corporates in January. Untethered growth in foreign debt without adequate hedging is a dangerous combination, as Indonesia's currency crisis in 1998 showed.

    • 24 Mar 2015
  • Hong Kong should not bow to dual class pressure

    The battle between exchanges in the US, Hong Kong and mainland China to lure technology companies to list has intensified. Now Hong Kong is once again considering allowing the dual class shareholding favoured by tech companies. But the city’s exchange should not bow too quickly to the pressure to change its one share, one vote system.

    • 24 Mar 2015
  • The challenge of making sense of sukuk rankings

    The bookrunner league tables for international sukuk are skewed by huge lead manager line-ups and low overall volumes, so must be taken with a pinch of salt.

    • 19 Mar 2015
  • When RMBS are safer than covered bonds

    Covered bonds and RMBS share important similarities which both the European Central Bank and Bank of England acknowledged last year in a discussion paper. As the two asset classes evolve, their vastly different regulatory treatment should become more difficult to justify.

    • 17 Mar 2015
  • Malaysia Airports' reverse flex is an encouraging sign for Asia borrowers

    A €500m ($579m) seven year loan by Malaysia Airports Holdings has seen a stellar response, allowing a pricing cut even after launch of general syndication. The strong support in the retail phase, despite the price cut, shows that for the right credit and structure, Asian lenders are ready to take flexibility.

    • 17 Mar 2015
  • The trouble with tables

    The bookrunner league tables for international sukuk are skewed by huge lead manager line ups and low overall volumes and need to be taken with a pinch of salt.

    • 17 Mar 2015
  • Climate Bonds standard risks enshrining biofuel fallacy

    Burning plants sends CO2 into the atmosphere – any 10 year old knows that. Yet thousands of bigwigs have convinced themselves otherwise. Don’t let the bond market make the same mistake.

    • 17 Mar 2015
  • Asian IPOs: When the going gets tough, banks should get going

    HKBN’s lacklustre debut on the Hong Kong Stock Exchange has shown up the city's tough ECM environment. But it would have been worse without some help behind the scenes from banks on the deal. Syndicates are going to have to get used to going the extra mile to help issuers in the aftermarket.

    • 17 Mar 2015
  • The eurozone curse: May you live in interest-free times

    If there was any doubt that at least top rated borrowers could bring new issue euro benchmarks with negative yields then it was firmly put to rest on Tuesday.

    • 10 Mar 2015
  • The ECB distorts markets and disaffects investors

    The European Central Bank owns 15% of eligible benchmark covered bonds since its third purchase programme (CBPP3) began. It could end up owning 40%, which could permanently disrupt the market.

    • 10 Mar 2015
  • Market may be wrong to hope Credit Suisse will cut investment bank

    Market orthodoxy is that UBS made an astute move by cutting back its investment bank in 2012, and that Credit Suisse’s hiring of Tidjane Thiam is a prelude to it doing the same. But how true is that – and should Thiam sharpen his axe?

    • 10 Mar 2015

More Comment - Tuesday Views

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Mar 2015
1 JPMorgan 92,849.62 307 8.80%
1 JPMorgan 92,849.62 307 8.80%
2 Barclays 87,912.05 248 8.34%
2 Barclays 87,912.05 248 8.34%
3 Citi 82,381.60 285 7.81%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Mar 2015
1 JPMorgan 12,693.27 15 11.96%
2 Credit Agricole CIB 7,311.16 26 6.89%
3 Deutsche Bank 5,879.23 19 5.54%
4 HSBC 5,792.28 30 5.46%
5 BNP Paribas 4,786.65 30 4.51%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Mar 2015
1 UBS 10,668.02 23 15.05%
2 Goldman Sachs 8,438.24 19 11.91%
3 Bank of America Merrill Lynch 7,136.12 27 10.07%
4 Deutsche Bank 5,600.17 22 7.90%
5 Morgan Stanley 5,467.54 27 7.71%