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  • EC revised directive could take big toll on wholesale bond issuers

    Small businesses may be set to benefit from new rules proposed by the European Commission meant to lower the cost and bureaucracy associated with accessing the capital markets, but issuers of bonds to institutional investors are likely to be hit with greater expense.

    • 30 Nov 2015
  • EAA investors bet on lower yields after ECB meeting

    Anticipation that the European Central Bank will extend its public sector purchase programme on Thursday resulted in what one banker called an “abnormally successful deal” from Erste Abwicklungsanstalt on Monday.

    • 30 Nov 2015
  • Yapi Kredi uses market lull to market tricky tier two

    Turkish bank Yapi ve Kredi Bankasi has hired four banks to arrange a dollar tier two bond that it expects to issue in early 2016, using the December quiet spell to capture credit investors’ attention.

    • 30 Nov 2015
  • Díaz de León leaves Mexico debt post

    Dr Alberto Torres García, head of economic research at Mexico's central bank, is to take over from of Alejandro Díaz de León as head of the country’s public credit as Díaz de León leaves to take run development bank, Bancomext.

    • 30 Nov 2015

People and Markets

  • Did capital or liquidity do more to repair the European banking system?

    Europe’s authorities might be winning the fight against broken banks but who gets the credit?

    • 26 Nov 2015
  • CFTC fights the machines over futures trading

    The US Commodity Futures Trading Commission has proposed rules to increase oversight and risk controls for high speed electronic trading — particularly the use of algorithms — in a bid to limit disruptions in the futures market.

    • 26 Nov 2015
  • Natixis looks for fixed income niches

    An aura of misery has hung over fixed income businesses for years. UBS slashed its business in 2012; now Deutsche, Barclays, Credit Suisse and Standard Chartered are also taking “tough decisions” about the size of their bonds businesses. So it was a pleasant surprise to see Alain Gallois, head of fixed income at Natixis, in good spirits.

    • 26 Nov 2015


Olly Copplestone's Cartoon



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Old Money

  • Old Money: US banks — masters of the universal banking model

    Recent weeks have seen an attack of existential angst among Europe’s major banks, on account of the challenges they face from America’s big universal banks.

    • 17 Nov 2015
  • Old Money: 'Tell Sid' — the sequel

    The recent announcement of the sale of £2bn of Lloyds Bank shares to individual investors on special terms has put UK privatisation and widening share ownership back on the agenda.

    • 19 Oct 2015
  • Old Money: Financial crises and Labour’s lurches to port

    The ascent of Jeremy Corbyn to lead the UK's Labour Party is ultimately an outcome of the financial crisis. As the party in power when the crisis struck, Labour’s economic competence was discredited with voters with election defeats in 2010 and 2015.

    • 23 Sep 2015
  • 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

  • China’s balance sheet approach to bonds is no bad thing

    Chinese debt houses have gained market share this year thanks in no small part to the power of their balance sheets. While competitors have long criticised Chinese banks’ willingness to use capital to win a place on deals, there’s little reason to stop an approach that is clearly reaping rewards.

    • 09:30 AM
  • Risk is subjective, which is what the regulators keep getting wrong

    Policy makers and regulators don’t like risks, which is why they keep attempting the impossible — regulating them out of existence. The most recent example comes in the form of the European Commission’s Prospectus Directive III.

    • 30 Nov 2015
  • Regulators' next big question: who knows what?

    Transparency has been among the top priorities of regulators and policy makers in the post-crisis era, but they don’t seem to understand what kind of information is important or when it becomes so.

    • 24 Nov 2015
  • Russian ratings agency will matter if it survives scrutiny

    A list of 27 Russian banks and corporates have set up the Analytical Credit Rating Agency, and staffed it with some of the biggest names in the Russian capital markets. But while Russia needs a domestic ratings agency more than ever, its biggest challenge will be establishing credibility.

    • 24 Nov 2015

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 30 Nov 2015
1 JPMorgan 325,033.79 1285 8.74%
2 Bank of America Merrill Lynch 290,567.79 1031 7.81%
3 Citi 279,957.71 1074 7.53%
4 Barclays 270,847.79 917 7.28%
5 Deutsche Bank 224,287.10 929 6.03%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Nov 2015
1 HSBC 46,107.99 162 6.82%
2 BNP Paribas 43,118.10 220 6.37%
3 Deutsche Bank 35,629.14 141 5.27%
4 ING 30,639.38 139 4.53%
5 Citi 29,648.96 82 4.38%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Nov 2015
1 Goldman Sachs 23,301.02 87 9.50%
2 UBS 22,449.52 85 9.15%
3 JPMorgan 19,541.88 96 7.97%
4 Bank of America Merrill Lynch 19,343.25 78 7.88%
5 Morgan Stanley 18,539.05 84 7.56%