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Comment - Tuesday View

Latest Tuesday Views

  • Format takes the sting out of Wasps’ retail bond

    Investors could be forgiven for steering clear of English rugby club Wasps’ retail bond, on the basis that investing in sports clubs is a mugs’ game. But this deal is worth a double-take.

    • 28 Apr 2015
  • City faces two bad choices in UK election

    Everyone knows the City votes with its wallet, and a Labour government will cost its professionals dear. But the Conservatives threaten its very existence.

    • 28 Apr 2015
  • Vietnam should act with its head, not its heart, on new stock exchange

    Vietnam seems determined to make its capital markets more appealing to an international audience, with a steady stream of changes to investment rules in recent months. A proposal to merge the Hanoi and Ho Chi Minh Stock Exchanges is another positive move but Vietnam is in danger of undermining its efforts if the newly enlarged body ends up based in Hanoi.

    • 28 Apr 2015
  • Green shoots in the covered bond market

    Until recently, green covered bonds were always more of a theoretical discussion than one that had taken root. But they could be just what the central bank-oppressed market needs.

    • 28 Apr 2015
  • Indonesia’s bond issuers should make themselves at home

    The past year has seen the rupiah plunge against the US dollar, which means Indonesian corporates face rising costs when it comes to repaying their foreign currency debt. A more sustainable option would be to sell domestic bonds, but the rupiah bond market will need some sprucing up to convince Indonesian issuers to come back home.

    • 28 Apr 2015
  • I need a hero! EFSF rides to the rescue in euros

    The European Financial Stability Facility may not have to print oversubscribed benchmarks just to show that the eurozone isn’t falling apart any more, but it still has to step up on occasion.

    • 23 Apr 2015
  • One Uralkali could make a Russian spring

    It is a stock phrase among bankers that no single deal can reopen the Russian loan market. One or two swallows would not make a summer. But Uralkali’s return with a transaction this week must raise the hopes of the country’s other borrowers.

    • 21 Apr 2015
  • Josephine Witt’s right: The ECB rules us all

    Financial markets had a good laugh when the ECB press conference was interrupted by protester Josephine Witt dumping confetti on Mario Draghi. This turned to puzzlement when she released what appeared to be a poem, describing herself as a butterfly. But she has a point.

    • 21 Apr 2015
  • I need a hero! EFSF to the rescue in euros

    The European Financial Stability Facility may not have to print oversubscribed benchmarks just to show that the eurozone isn’t falling apart any more, but it still has to step up on occasion.

    • 21 Apr 2015
  • Markets must not forget Kaisa lessons too quickly

    Kaisa Group Holdings became the first Chinese property company to default on its offshore debt when it announced on Monday that it had failed to pay $51.6m of coupons on two of its outstanding dollar bonds. The news barely made an impact on secondary prices, as the default had been well flagged, but markets should not relax yet. Kaisa may not be an isolated case.

    • 21 Apr 2015
  • Germany's draft law is not suitable for imitation

    There are plenty of reasons to commend German legislators’ attempts to subordinate senior debt to other operating liabilities, but other lawmakers shouldn’t rush to follow their example.

    • 21 Apr 2015
  • Looking behind the Goldman numbers

    Goldman Sachs reported quarterly results last week that were, by any measure, stellar. But some of the numbers look a little bit too special.

    • 20 Apr 2015
  • Too much, too soon will spell trouble for India overseas debt

    A panel set up by India’s Ministry of Finance to review the rules for companies borrowing money from overseas has made the radical suggestion of doing away with the current system and immediately liberalising the regime. Such an approach is likely to be too much of a shock to the country’s financial system. The government would be wise to adopt a more gradual approach.

    • 14 Apr 2015
  • Why won’t Europe’s central banks back Europe?

    European central bankers might be buying the market, but they still lack faith in the European project. That is the only conclusion to draw from the securities lending arrangements announced before Easter.

    • 13 Apr 2015
  • Stock Connect: so is this what RMB internationalisation looks like?

    Mainland purchases of Hong Kong H shares exhausted the southbound daily quota of the Shanghai-Hong Kong Stock Connect for the second straight day on April 9. The new enthusiasm among Chinese buyers will be a boon for many, but it is also a sharp reminder of the potential and risks associated with China’s opening.

    • 10 Apr 2015

More Comment - Tuesday Views

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 04 May 2015
1 JPMorgan 132,246.16 466 8.23%
2 Barclays 121,205.54 385 7.54%
3 Citi 119,844.04 442 7.46%
4 Bank of America Merrill Lynch 112,710.02 398 7.01%
5 Deutsche Bank 102,482.68 424 6.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Apr 2015
1 JPMorgan 16,695.23 27 9.06%
2 Deutsche Bank 11,713.92 38 6.36%
3 RBS 10,318.74 32 5.60%
4 Credit Agricole CIB 9,351.66 40 5.08%
5 BNP Paribas 9,068.16 53 4.92%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Apr 2015
1 UBS 11,392.72 29 11.53%
2 Goldman Sachs 11,225.75 30 11.36%
3 Bank of America Merrill Lynch 10,151.87 37 10.27%
4 Deutsche Bank 7,981.58 30 8.08%
5 Morgan Stanley 7,718.35 36 7.81%