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Comment - Tuesday View

Latest Tuesday Views

  • Sorry Greece, your game of chicken has gone on too long

    The reaction from Europe’s capital markets this week is far from what Greece’s government politicians may have been hoping for, after talks broke down this weekend.

    • 30 Jun 2015
  • ABS's potential powerful future ally in Europe

    More than half a year into the European Central Bank’s Asset-Backed Securities Purchase Programme, there are some in the market who are dubious about the impact the initiative can have on the European ABS market.

    • 30 Jun 2015
  • In praise of premiums in FIG

    New issue concessions of 50bp drew snorts of derision from some corners of the FIG market last week, but with Greece sending shivers down investors’ spines, the banks that paid up early may have the last laugh.

    • 30 Jun 2015
  • Asian covered bonds face a reality check

    After years of inactivity, Asia will finally get the first legislative covered bonds from South Korea’s Kookmin Bank and Singapore’s DBS. But even though governments are keen on the product, the asset class is unlikely to truly blossom in the region.

    • 30 Jun 2015
  • Regulators must lead by example on transparency

    Banks, rightly, have been asked for more data and more disclosure than ever before – driven largely by tougher regulatory regimes. But regulators themselves still fall short of the transparency which market participants need.

    • 23 Jun 2015
  • When twisting bondholders' arms makes sense

    When an issuer is in danger of collapse, investors often have the wrong incentives. That’s why Metinvest is right to threaten bondholders with a cram down, just as the sovereign is right to threaten a debt moratorium.

    • 23 Jun 2015
  • HKEx on the losing end in dual-class debate

    The issue of weighted voting rights (WVRs) is firmly back on the agenda for Hong Kong, with the stock exchange flagging their possible implementation next year. But with thin demand for the structure and the low likelihood of another Alibaba-sized listing, these efforts may come to naught.

    • 23 Jun 2015
  • Patience is a virtue for corporate treasurers

    In the corporate market investors aren’t buying and issuers aren’t mandating. But borrowers are still keen to roadshow. That is giving false hope to bond syndicates, and the costs could outweigh the benefits.

    • 18 Jun 2015
  • Forget size, Akbank’s 3yr loan is good for Turkish market

    Turkish banks habitually follow wherever Akbank goes to their own advantage — but with longer dated financing they should follow for both their own good and that of the market.

    • 16 Jun 2015
  • KfW bellyflop a warning sign of broken markets

    Germany’s jewel in the SSA crown, KfW, drew a gasp of horror on Tuesday when it set out to sell a seven year benchmark, but only limped to €2bn. That should ring alarm bells in the offices of every European public sector borrower.

    • 16 Jun 2015
  • Patience is a virtue for corporate treasurers

    In the corporate market investors aren’t buying and issuers aren’t mandating. But borrowers are still keen to roadshow. That is giving false hope to bond syndicates, and the costs could outweigh the benefits.

    • 16 Jun 2015
  • The ECJ has given Greece’s creditors an extra ace to play

    Greece’s imminent cash shortage might be grabbing most sovereign bond watchers’ attention, but the European Court of Justice has handed its creditors an extra bargaining chip in negotiations.

    • 16 Jun 2015
  • Securitization is still running on spot

    More than five years of intense lobbying later, and the securitization market still has the same set of complaints. Maybe next year things will be better.

    • 16 Jun 2015
  • Singapore issuers should get ready to come out to play

    The Singapore Exchange has been languishing this year, with no sizeable IPOs hitting the market. But things could be finally looking up, with Canada’s Manulife Financial Corp making headway with a real estate investment trust listing in the southeast Asian city-state. It’s time for issuers to prepare for a market revival.

    • 16 Jun 2015
  • Debunking the Great Man Theory of investment banking

    What’s a CEO worth? Based on the price action in Deutsche Bank on Monday, roughly $2.7bn. But how much can one man ever expect to change a business?

    • 11 Jun 2015

More Comment - Tuesday Views

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 203,436.86 799 8.91%
2 Citi 174,432.23 667 7.64%
3 Barclays 165,118.24 550 7.23%
4 Bank of America Merrill Lynch 164,778.26 616 7.21%
5 Deutsche Bank 139,780.55 601 6.12%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 30 Jun 2015
1 JPMorgan 21,361.13 46 6.91%
2 Deutsche Bank 19,293.83 77 6.24%
3 BNP Paribas 18,863.06 111 6.10%
4 Credit Agricole CIB 14,964.90 71 4.84%
5 HSBC 14,232.00 78 4.61%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 30 Jun 2015
1 Goldman Sachs 15,847.20 51 10.26%
2 UBS 15,146.37 52 9.81%
3 Bank of America Merrill Lynch 13,535.48 54 8.76%
4 JPMorgan 11,690.13 64 7.57%
5 Deutsche Bank 11,530.07 54 7.47%