Top stories

  • Bank securities thrashed in crisis déjà vu

    It was hard to tell which was more worrying this week: the see-saw action in bank stocks, or the one-way tumble in additional tier one bonds. The only conclusion bankers and investors could offer is that, whether or not the industry is on the cusp of another meltdown, the issues of capital and funding are paramount once again. Graham Bippart and Tyler Davies report.

    • 11 Feb 2016
  • Portugal in the danger zone amid spiralling bond yields

    Portugal is all but locked out of the capital markets after its yields shot up this week to reach their highest levels since the country exited its bail-out programme in May 2014. Ben Jaglom reports.

    • 11 Feb 2016
  • Battered high yield market in need of a LeasePlan ‘B’

    Europe’s high yield bond market suffered a severe disappointment on Thursday evening when LeasePlan Corp, the Dutch car finance bank, was forced to pull a €1.55bn bond. Market participants were hoping the offer would show the market was functioning properly, writes Victor Jimenez.

    • 11 Feb 2016
  • European lev loans blast past ‘broken’ US market

    Despite the flimsy state of Europe's high yield market, its sister leveraged loan business remains vibrant, and this year is the most open of the four main leveraged finance markets: bonds and loans in dollars and euros, writes Max Bower.

    • 11 Feb 2016

People and Markets

  • Vasan returns to UBS for EMEA debt head role, Cree to co-head combined SSA team at DB

    UBS’s new global head of debt capital markets has made his first senior hire, naming Vinod Vasan, former co-head of debt origination at Deutsche, co-head of debt capital markets and client solutions coverage EMEA. Vasan’s former co-head at Deutsche, Nigel Cree, has also changed roles and will be running an integrated SSA business for the German bank.

    • 11 Feb 2016
  • Norrey see his like again: Carl to retire

    Public sector borrowers and bankers alike applauded Carl Norrey’s contribution to the SSA business after hearing this week of his upcoming retirement. Some also expressed concern about the impact the loss of such a high profile figure could have on the market.

    • 11 Feb 2016
  • Banks prepare for US onslaught as regulators ink deal

    Financial market regulators finally have something to cheer about, after a host of recent setbacks, as Europe and the US this week took a big step towards aligning their treatment of central counterparties (CCPs). But the move could also heighten competition for clearing banks in Europe.

    • 11 Feb 2016

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Old Money

  • Old Money: UK banks finally losing concentration?

    Britain's banking market is a frenzy of new arrivals and challengers to the old order. The Bank of England even set up a New Banks Unit this week to welcome them all. But for most of history, the trend has run in the opposite direction.

    • 20 Jan 2016
  • Old Money: In the trenches of a currency war

    Currency wars are back in the headlines. First it was Japan’s endeavours to weaken the yen. Then, in August, China’s surprise 3% devaluation of its pegged exchange rate against the dollar, with some analysts predicting an eventual depreciation of 15%-20%. Now the US is raising interest rates while Europe pursues further easing, risking a soaring dollar, wilting euro, and heightened danger of US accusations of currency manipulation.

    • 16 Dec 2015
  • 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

The GlobalCapital View

  • Ditch-A-Bank

    The sell-off in European banks is terrifying and baffling, all at the same time. GlobalCapital would be first to admit there are still issues — poor growth, weak balance sheets, non-performing loans, defered tax assets, complex forms of untested capital cooked up in regulatory labs – but the continent’s biggest banks aren’t going anywhere. For one thing, they are still too big to fail.

    • 09 Feb 2016
  • Why Europe needs to find more misselling

    Europe’s banks, with a few notable exceptions, have yet to be hit hard with claims of unethical dealing. But that is likely to change. Thanks to a quirk of the European regulatory system, supervisors need to find some misselling before it is too late.

    • 09 Feb 2016
  • BNPP should tip its strategy hand

    BNP Paribas has impressive targets for cutting costs and increasing capital, after outshining some of its major competitors by posting a full year profit. But it needs to tell a compelling story about how it plans to hit them.

    • 09 Feb 2016
  • Private banking and investment banking: The problem with blurring the boundaries

    It’s been an axiom of recent bank restructurings that more private banking and wealth management is better. Gather the substantial and sticky deposits of the wealthy, harness their investments, and skim fees off the top, using as little balance sheet as possible. Dodge the tax evasion fines, and it’s a good and stable business to be in.

    • 02 Feb 2016

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 01 Feb 2016
1 Barclays 32,828.49 74 9.02%
2 Citi 24,327.69 73 6.68%
3 JPMorgan 19,485.37 90 5.35%
4 Bank of America Merrill Lynch 19,402.46 63 5.33%
5 Deutsche Bank 18,951.64 53 5.21%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 Feb 2016
1 HSBC 1,012.56 4 6.74%
2 SG Corporate & Investment Banking 1,007.03 4 6.70%
3 Commerzbank Group 875.20 4 5.82%
4 BNP Paribas 826.35 4 5.50%
5 ING 796.36 4 5.30%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 Feb 2016
1 UBS 2,173.75 4 24.65%
2 Deutsche Bank 657.35 5 7.45%
3 BNP Paribas 645.21 6 7.32%
4 Goldman Sachs 561.40 6 6.37%
5 Bank of America Merrill Lynch 542.61 4 6.15%