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  • SEC puts crypto on notice with DAO verdict

    The cryptocurrency market is renowned as one of the most volatile and unpredictable sectors of finance. It has blossomed throughout 2017, providing an unregulated means for start-ups to raise capital, until Tuesday evening when the US Securities and Exchange Commission published a report making it abundantly clear that the Wild West days of the crypto-asset market are numbered, if not yet over. Lewis McLellan reports.

    • 27 Jul 2017
  • US buyers tempt triple-Cs but resist on covenants

    Recent strong demand from US investors for lower rated high yield bonds in euros has helped stimulate issuance from the triple-C rated companies. But US fund managers are not buying indiscriminately and bankers say they were instrumental in forcing Bain Capital to change an aggressive covenant on a deal placed this week. Victor Jimenez reports.

    • 27 Jul 2017
  • Failing banks lick lips at alternative bail-ins

    Liability management exercises are becoming de rigeur among Europe's capital-strapped banks, as market participants face up to a world in which regulators have the power to step in early and impose heavy losses on bondholders. Tyler Davies reports.

    • 27 Jul 2017
  • Challenger banks riding high but Metro's cap raise a one-off

    Equity investors' keen appetite for UK challenger bank stocks was evident this week when Metro Bank was able to raise £278m of fresh capital at no discount to its share price. But investors hoping for more liquidity events are likely to have to wait for secondary sales, writes Aidan Gregory.

    • 27 Jul 2017

Olly Copplestone's Cartoon


  • FCA puts markets on alert as Bailey lays out plan for end of Libor

    The end of Libor moved from committee group debate to hard reality on Thursday as the Financial Conduct Authority’s chief executive Andrew Bailey gave the reference rate a five year deadline for removal.

    • 27 Jul 2017
  • Deutsche Bank’s ‘changed risk appetite’ hammers debt capital markets

    Deutsche Bank’s resurrection as a force in capital markets will have to wait a little longer, based on disappointing second quarter figures the bank released on Thursday. Though the bank has rebuilt its capital base and settled many of its legal issues, its investment bank underperformed second quarter numbers from US peers.

    • 27 Jul 2017
  • LedgerX wins CFTC approval as crypto derivatives come of age

    The future of cryptocurrency derivatives looked bright this week as digital currency exchange and clearing house LedgerX won its derivatives clearing organisation (DCO) licence, complementing the swap execution facility approval it received from US regulators three weeks ago. While the fledgling asset class still has a lot to prove, a united effort from US regulators could mean it will be difficult to slow its momentum.

    • 27 Jul 2017

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 HSBC 27,039.93 106 7.36%
2 Deutsche Bank 25,125.19 81 6.84%
3 Bank of America Merrill Lynch 23,128.33 61 6.29%
4 BNP Paribas 19,315.94 110 5.26%
5 Credit Agricole CIB 18,706.93 106 5.09%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 JPMorgan 13,488.13 59 8.47%
2 Citi 11,496.21 73 7.22%
3 UBS 11,302.86 45 7.09%
4 Morgan Stanley 10,864.95 59 6.82%
5 Goldman Sachs 10,434.21 54 6.55%