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Comment - Tuesday View

Latest Tuesday Views

  • What happens in China’s stock market (should) stay in China’s stock market

    As the dust settles on two days of equity market madness, it’s worth recognising that what happens in the Chinese stock market shouldn’t mean much for other emerging markets.

    • 25 Aug 2015
  • Finding excuses to ease regulation

    European regulatory authorities are finding pseudo-reasons to ease back on regulation. That’s easier than admitting they were wrong the first time.

    • 25 Aug 2015
  • Rout could be a blessing in disguise for FIG

    Whatever the wisdom of tailoring monetary policy to the gyrations of the global equity markets, the Fed’s likely caution could clear the way for a wall of FIG supply once calm returns.

    • 25 Aug 2015
  • It’s high time high yield bankers got creative

    A depreciating renminbi, depressed commodity prices and tumbling stock markets have made it hard for high yield issuers to access international capital markets recently. But financing needs remain, and the gaps can only be plugged if DCM bankers take a more inspired approach to deals.

    • 25 Aug 2015
  • Why primary benefits from lower liquidity

    Liquidity is always good, right? Helping investors switch out of positions should help issuers improve their funding costs. But the relationship between primary markets and secondary liquidity is darker and more troubled than that.

    • 18 Aug 2015
  • Don't worry about margin loan ABS in China — yet

    Some market observers are concerned China’s first margin loan ABS could be sowing the seeds of a new crisis. But it's too early to condemn such a new product — and one that regulators will be watching closely.

    • 18 Aug 2015
  • Who wants to be a British bank?

    The UK wants more competition in the banking market, and sure enough, challengers are springing up. But why would you want a banking licence in this day and age?

    • 13 Aug 2015
  • CDX HY reformers have learned from Xover mistakes

    Changing the selection rules for the CDX HY index, which references the debt of US high yield companies, should make it more useful for investors as a hedge against cash bonds. But the even better news is that Markit and CDS market makers seem to have learned from the experience of last year's changes to Europe's equivalent, the iTraxx Crossover.

    • 13 Aug 2015
  • RMB fixing: Right decision, wrong time, global consequences

    Tuesday’s surprise decision by the People’s Bank of China to allow the renminbi to be more market-driven was an important and necessary step as the country attempts to move to a more open economy. The mistake has been to do it at a time when China is under stress from falling economic growth. But what the fallout has made abundantly clear is that the renminbi is already a global currency.

    • 13 Aug 2015
  • Leave GDP-linked bonds to the academics

    As Greece nears a deal on a third bail-out package, the idea of GDP-linked sovereign bonds will bubble up again. The structure looks good in academic papers, but the real world might be less forgiving.

    • 11 Aug 2015
  • AT1 reaching maturity at just the right time

    The AT1 market has come of age. In just over two years there is no longer a need for arduous investor education and perfect markets to sell the riskiest bank debt on offer.

    • 11 Aug 2015
  • India should stop mollycoddling its banks

    The Indian government has ridden to the rescue of its ailing state-owned banks, promising to plough more capital into them to help shore up their tier one ratios. But a capital boost is no answer to the myriad problems facing the country’s public sector lenders. India needs to take a more radical approach.

    • 11 Aug 2015
  • Dual-listings will keep offshore RMB bonds rolling

    A pair of Korean policy banks have shown their savviness by opting for single tranche offshore renminbi trade bonds dual-listed as a dim sum and Formosa bond. Strong international credits should take this fairly new structure more seriously if they are looking for opportunities to save costs and secure new investor bases at the same time.

    • 11 Aug 2015
  • Turkish MTN turn should not yet be troubling

    Emerging markets bankers say Turkish banks, in their new enthusiasm for MTNs, have taken their devotion to an alternative market a little too far. But the Turkish issuers are only using this market exactly as they were sold it.

    • 06 Aug 2015
  • The RMB and SDR: It's the report, stupid

    The International Monetary Fund (IMF) has not announced any delay to its decision on whether to include the renminbi in its Special Drawing Rights (SDR) facility. Is that clear enough for everyone?

    • 06 Aug 2015

More Comment - Tuesday Views

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 243,969.85 964 8.84%
2 Bank of America Merrill Lynch 210,446.44 761 7.63%
3 Citi 205,935.79 792 7.47%
4 Barclays 203,416.66 665 7.37%
5 Deutsche Bank 169,399.16 717 6.14%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Aug 2015
1 HSBC 30,467.15 114 7.57%
2 BNP Paribas 25,588.59 151 6.36%
3 Deutsche Bank 22,913.58 107 5.69%
4 JPMorgan 22,033.74 51 5.47%
5 Credit Agricole CIB 19,707.84 94 4.90%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Aug 2015
1 Goldman Sachs 18,546.79 60 10.28%
2 UBS 18,071.09 62 10.02%
3 JPMorgan 14,894.81 76 8.26%
4 Bank of America Merrill Lynch 14,330.10 59 7.94%
5 Morgan Stanley 13,773.06 64 7.64%