• New York's unlikely renminbi gambit

    Home to the world’s largest capital market, the US has what it takes to redraw the global heat map of renminbi internationalisation (RMBi) now that it has been awarded a clearing bank and the world’s second largest RMB investment quota. Yet this potential could be squandered by the upcoming presidential elections unless market forces prevail.

    • 21 Oct 2016
  • When the repo calls: Margin rules will bring more reg risk

    The coming market rush to comply with margin rules on uncleared swaps will be a big challenge in itself, but regulators need to think hard about the unintended repo risks they are creating by requiring collateral building at breakneck speed.

    • 18 Oct 2016
  • Don’t use Schuldscheine as a proxy loan market

    Loans and Schuldscheine have always sat side by side. With a similar lender base and documentation, the two seem almost interchangeable. This year banks have been capitalising on that similarity and driving issuance to new heights, but they should not get carried away — restructuring a Schuldschein is a lot more painful than with a loan.

    • 18 Oct 2016
  • Consumer watchdog down but not out

    The reputation of the US Consumer Financial Protection Bureau (CFPB) as a feared watchdog took a hit last week when a US Court of Appeals ruled against the regulator in a suit brought against it by PHH Mortgage. But opponents of the agency should not be confident that it has been completely defanged.

    • 18 Oct 2016
  • Much ado about Marcus

    Goldman Sachs’s new online lending platform Marcus, which was launched last Thursday, has to prove itself in an industry where the ability to scale and the retention of a loyal customer base determines who gets to stay in the game.

    • 18 Oct 2016
  • Doosan Bobcat IPO: look before you leap

    Doosan Bobcat and its IPO advisers were left red-faced after the company was forced to pull its W2.4tr ($2.2bn) float in South Korea last week. The deal is making a quick comeback and the leads have done what they can to turn the situation around. But the incident serves as an object lesson in how not to do an IPO.

    • 18 Oct 2016
  • Covered bonds do exactly what they say on the tin

    Maturing deals issued by Washington Mutual and National Bank of Greece show covered bonds doing precisely what they're supposed to — redeem in full and on time.

    • 11 Oct 2016
  • RBS reminds us that ‘dealing' with non-performing loans can turn ugly

    European banks, especially the Italians, need to solve their non-performing loan problem, agrees everyone from the European Central Bank to the least informed finance hack out there. But the revelations coming out of Royal Bank of Scotland’s restructuring unit show it’s not always a pleasant process.

    • 11 Oct 2016
  • Clarity today beats harmony in the future

    The ship has sailed on establishing a common EU approach to bank creditor hierarchies in insolvency. European authorities need to drop the now redundant pursuit of harmony in the pressing pursuit of clarity.

    • 11 Oct 2016
  • How I learned to stop worrying and love SoFi

    The business model of marketplace lender SoFi can sometimes sound like the subject of a grim corporate dystopia. The fintech start-up is not only in the business of selling loans — it wants to bring millennials on board from early adulthood until death, through relationships and home-building.

    • 11 Oct 2016
  • Big players best placed as P2P grows up

    With pioneers of peer-to-peer lending tapping more institutional investors and competing to claim how boring their products are, the hype in alternative lending may be fading. That's good news, but only for those that have already reached scale.

    • 11 Oct 2016
  • Vietnam needs to fix its divestment process

    Vietnam’s equity capital markets is peculiar in that doing an IPO and listings are viewed as two separate events, leading to companies, particularly state-owned ones, often being in no hurry to start trading their shares on the stock exchanges. There’s no simple solution, but a shake-up of the market is well overdue.

    • 11 Oct 2016
  • Don’t blindly walk back to Russian loans

    Attitudes towards Russian credits have miraculously softened this year and the friendly new outlook has even filtered to the loan market, as last week Norilsk Nickel signed the first sizeable unsecured dollar loan since the EU and US imposed their sanctions. But loans bankers would do well to remember what drove them away from Russian deals in the first place.

    • 04 Oct 2016
  • Stop saying Deutsche and Lehman in the same breath

    Deutsche Bank, its balance sheet and the market it operates in are worlds away from where major financial institutions stood in 2008 — so those scaremongering either have their own incentives for doing so or should know better.

    • 04 Oct 2016
  • Politicians are the biggest obstacle to US regulatory progress

    The highly dysfunctional and hostile political environment in Washington, DC is making it difficult to pass any real financial regulatory reform, limiting Congress’s ability to enact meaningful change.

    • 04 Oct 2016
  • European securitization is complicated, and that's OK

    Private equity firms have jumped on the recent rally in ABS spreads to dust off loan portfolios for public syndication. The structures are bespoke, and the deals are one-offs — a far cry from the market being just another funding tool for banks. But that's OK.

    • 04 Oct 2016
  • Hong Kong IPOs: Time for a reboot

    Hong Kong has climbed to the top of the charts again for IPO volumes globally, but it is a victory that rings hollow. The city got there mostly thanks to the assistance of friends and family in the Mainland, as Chinese investors helped push Chinese listings across the line. It is time for the market to move on.

    • 04 Oct 2016
  • The City has never seemed so lightweight

    The UK government’s drive for a ‘hard Brexit’ lays bare the diminished status and authority of the financial services industry. Scandal after scandal, combined with the appalling cynicism of Britain's new prime minister, have brought us here.

    • 03 Oct 2016

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Oct 2016
1 JPMorgan 310,048.18 1328 8.75%
2 Citi 285,934.48 1059 8.07%
3 Barclays 258,057.88 833 7.29%
4 Bank of America Merrill Lynch 248,459.06 911 7.01%
5 HSBC 218,245.86 884 6.16%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Oct 2016
1 JPMorgan 29,669.98 55 6.95%
2 UniCredit 28,692.62 136 6.73%
3 BNP Paribas 28,431.90 139 6.66%
4 HSBC 22,935.49 112 5.38%
5 ING 18,645.88 118 4.37%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Oct 2016
1 JPMorgan 14,593.71 79 10.38%
2 Goldman Sachs 11,713.19 63 8.33%
3 Morgan Stanley 9,435.23 48 6.71%
4 Bank of America Merrill Lynch 9,019.27 40 6.41%
5 UBS 8,763.73 42 6.23%