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  • Thanks Mario! ECB boosts ESM’s hopes of landing a whopper

    The European Central Bank this week boosted hopes of Europe’s bail-out borrower shoring up the recovery of a euro market that is healing but still bruised from the effects of central bank quantitative easing.

    • 03 Sep 2015
  • Corps back on track, but risks mar horizon

    The investment grade corporate bond market ended the summer lull with a bang this week, with issuers piling into the euro market to sell more than €7bn of bonds in just three days. But while it might look like a return to the early-year bull market, a spot of expectation-management might be in order.

    • 03 Sep 2015
  • Vitol steams ahead with $7.5bn refi despite rough seas for commodities

    Commodity prices remain depressed and the largest trading firm, Glencore, had its ratings outlook revised downwards amid a forecast profits slump, but Dutch-owned oil trader Vitol was this week warmly welcomed at a bank meeting to arrange a $7.5bn refinancing.

    • 03 Sep 2015
  • Non-eurozone issuers lead covered charge

    Covered bonds proved their worth this week as, despite difficult market conditions, 10 borrowers were able to collectively raise more than €8bn at levels that looked attractive compared to senior unsecured financials.

    • 03 Sep 2015
  • Global Derivatives Awards 2015 — the nominees

    It is with great pleasure that GlobalCapital announces the nominees for its Global Derivatives Awards 2015. The winners will be unveiled at a gala dinner in London on September 24.

    • 28 Jul 2015
  • BNP Paribas refuses Angola bond mandate

    BNP Paribas has walked away from a African sovereign bond mandate because of compliance issues. The bond, for Angola, is expected to have a size of at least $1bn.

    • 03 Sep 2015
  • CMBS players eye shakeup as S&P nears end of ban

    The end of S&P’s CMBS conduit ratings ban in a few months could start a fight between the agencies for market share — at the expense of credit standards.

    • 03 Sep 2015
  • Abengoa shares tumble as rights issue lacks public underwriting

    Shares in Abengoa, the troubled Spanish renewable energy company, plunged again on Thursday and its credit default swap spread widened sharply, on unconfirmed reports in the Spanish press that banks including Bank of America Merrill Lynch, Barclays, Citigroup and Société Générale had declined to underwrite its rights issue.

    • 03 Sep 2015

People and Markets

  • Women in the capital markets: just like men, but with smaller bonuses

    The pay gap between men and women working in the front office of investment banks is driven more by bonuses paid than the basic rate of pay, according to Emolument data. But some banks say that they are making strides in their efforts to increase the proportion of women in leadership positions.

    • 03 Sep 2015
  • Regulators raise alarm over trade transparency

    Trading transparency proposals that could see vast swathes of European bond markets wrongly classified as “liquid” have come under fire from UK, German and French securities regulators, which have sent a letter to the European Securities and Markets Authority (ESMA) expressing concerns about the plan.

    • 03 Sep 2015
  • Ex-RBS FIG and securitization boss quits Virgin Money

    Lee Rochford has stepped down as chief financial officer of Virgin Money, effective immediately.

    • 01 Sep 2015

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Old Money

  • Old Money: The end of cheap money?

    Since March 2009 Britain’s benchmark official rate has been 0.5% — the lowest rate in the Bank of England’s 320 year history, its long term average being about 4.5%. But recently BoE's governor Mark Carney speculated that it will begin to rise from the end of the year to around 2%, possibly heralding the end of the era of cheap money.

    • 27 Aug 2015

The GlobalCapital View

  • KfW corker a sparkling example for euro deals

    Paying up to get size away in euros is a painful idea for public sector funding officials. But they will have to swallow their objections if they want to bring bulky deals in September.

    • 03 Sep 2015
  • Time for China to get a grip

    The Chinese authorities have made several steps towards the full opening of the capital account over the years. But mounting evidence of China’s economic slowdown has made those efforts look increasingly erratic. A step by step approach would be nothing to sneer at, but the authorities’ dance of reforms followed by shameless back-stepping risks transforming the whole business into a farce.

    • 02 Sep 2015
  • Don’t write off September for high yield just yet

    Predictions for European high yield bond issuance in September range from the optimistic to those who say the cupboard is bare. But do not underestimate the market's resilience — for the right deal, investors could come out in droves.

    • 01 Sep 2015

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 31 Aug 2015
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
  • 01 Sep 2015
1 HSBC 32,368.00 126 7.61%
2 BNP Paribas 28,138.91 163 6.62%
3 Deutsche Bank 23,183.31 112 5.45%
4 JPMorgan 22,530.82 53 5.30%
5 Credit Agricole CIB 19,896.43 97 4.68%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 01 Sep 2015
1 Goldman Sachs 18,546.79 60 10.27%
2 UBS 18,071.09 62 10.01%
3 JPMorgan 14,894.81 76 8.25%
4 Bank of America Merrill Lynch 14,330.10 59 7.94%
5 Morgan Stanley 13,773.06 64 7.63%