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Comment - Tuesday View

Latest Tuesday Views

  • Daddy isn’t superman: Accepting the limits of easing

    Somewhere on this blue earth, there is probably a tear-stained drawing of Ben Bernanke in billowing red cape and blue spandex suit with the acronym ‘QE’ emblazoned on his powerful chest.

    • 25 Nov 2014
  • The SSA market has changed — and banks will be welcomed back

    When UBS exited the supranational and agency bond business in 2012 there were justifiable concerns that more and more dealers, straining under the cost of supporting this most important part of the capital markets, would follow suit. But the sector has changed — and even those dealers that left clients in the lurch should not be afraid to rebuild old relationships. They may even find themselves welcomed back with open arms.

    • 25 Nov 2014
  • Taking it slowly is the right approach for CGIF

    In the four years since it was set up, the Asian Development Bank’s Credit Guarantee & Investment Facility (CGIF) has only brought four issuers to sell bonds. While some may view this level of activity as a failure, if you look beyond the numbers it’s clear CGIF wants to make a long term impact rather than a short term buzz.

    • 25 Nov 2014
  • There’s a hidden warning in the Petrobras scandal — and it has nothing to do with corruption

    Bonds of Brazilian corporates affected by the Petrobras corruption scandal have flunked in the last week. But prices jumping about at such speed tells us less about the credits in question than about a broader market malaise.

    • 25 Nov 2014
  • Plenty of pulled deals but the CEEMEA market is working fine

    On the surface, it's been a torrid past few weeks in the CEEMEA primary markets. A string of names postponed bonds, and one printed at a yield a whopping 150bp wide of initial price thoughts. But these events don't indicate a foundering market — rather they are a sign of investors taking realistic decisions about what they want to invest in and at what price.

    • 20 Nov 2014
  • Through Train may yet silence critics

    Whether because of delays or last-minute decisions, naysayers of the Shanghai-Hong Kong Stock Connect have had a field day berating it as little more than a half-hearted exercise. But such an ambitious task was never going to be without its problems. More credit should be given to what’s already been achieved.

    • 18 Nov 2014
  • African MTNS are worth the effort

    African MTNs may be on the verge of a boom. International banks are receiving an increasing number of reverse enquiries for privately placed MTNs, and these could finally provide African issuers with access to international bond markets in a size that suits them. Obstacles still remain but this business should be encouraged.

    • 18 Nov 2014
  • Plenty of pulled deals but the CEEMEA market is working fine

    On the surface, the last few weeks has been a torrid one in the CEEMEA primary markets. A string of names postponed bonds, and one printed at a yield a whopping 150bp wide of initial price thoughts. But these events are not indicative of a foundering market — they are the result of investors taking realistic decisions about where they want to invest and at what price.

    • 18 Nov 2014
  • Think the primary markets are clean? Prove it.

    The latest round of grubby trader banter released into the world, with its trail of monster fines and possible criminal prosecution, should make everyone sit up and pay attention. The primary markets might be cleaner and more civilised than spot FX, but it won’t be enough just to say so.

    • 17 Nov 2014
  • PSB can open doors where Gazprom failed

    Bankers working on a loan for Promsvyazbank believe the hotly anticipated deal is imminent – and that it will do more to reopen the international market to Russian borrowers than Gazprom did with its bond last week.

    • 11 Nov 2014
  • Why carving China's banks out from TLAC is wrong

    Journalists sometimes have to choose between being fast and being right. The Financial Stability Board, with its Total Loss Absorbing Capacity (TLAC) plans, has chosen to be fast, and a weaker financial system will be the result.

    • 11 Nov 2014
  • Don't shut the door on China's SME borrowers yet

    A spate of restructurings and defaults by Chinese companies has spooked the syndicated loans market and some banks are now saying there will be a flight to quality. However, by squeezing lending to mid-cap names, banks could miss out on funding the next Xiaomi or Alibaba. Instead they should improve their credit checks and look for more innovative solutions.

    • 11 Nov 2014
  • The Thru Train track needs clearing

    With unanswered questions still cluttering the track of the Thru Train or Stock Connect, many are hoping regulators will use the launch delay to clarify the implementation of capital gains taxes on China-A shares. In order for the northbound track to truly take off, China regulators should clear uncertainty from the tracks and remove the tax altogether.

    • 10 Nov 2014
  • BoE idea for Islamic lines is great — so it should hurry up

    The Bank of England's unveiling of plans to look into providing Shariah liquidity facilities for UK Islamic banks was one of the highlights at last week’s World Islamic Economic Forum in Dubai. It’s a great idea, but there’s just one problem — this should have been done ages ago.

    • 06 Nov 2014
  • Cassa del Trentino shows wonders of MTNs

    Cassa del Trentino has showed one of the major advantages of nurturing a medium term note programme by nipping in to take advantage of a one day rally in Italian government bonds to save precious basis points on its funding costs. As a small, infrequent issuer, the borrower showed some of its peers what can be achieved by taking the MTN route.

    • 04 Nov 2014

More Comment - Tuesday Views

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Nov 2014
1 JPMorgan 298,805.91 1181 8.14%
2 Barclays 268,207.66 919 7.30%
3 Citi 262,519.94 1020 7.15%
4 Deutsche Bank 259,366.94 1042 7.06%
5 Bank of America Merrill Lynch 253,285.00 906 6.90%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Nov 2014
1 Deutsche Bank 50,391.33 134 7.40%
2 BNP Paribas 47,024.00 196 6.90%
3 Citi 37,662.62 104 5.53%
4 HSBC 32,812.42 174 4.82%
5 Credit Agricole CIB 32,328.17 135 4.75%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Nov 2014
1 JPMorgan 24,215.02 117 9.07%
2 Goldman Sachs 23,224.16 78 8.70%
3 Deutsche Bank 20,943.82 79 7.85%
4 UBS 20,462.41 83 7.67%
5 Bank of America Merrill Lynch 19,151.02 70 7.17%