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  • UK corp buyers show £ strength with RAC trade

    The sterling bond market gave a defiant reminder of its capacity for corporate paper this week, blowing away the memories of a so far underwhelming year that has been dominated by Brexit fears and undersupply. Ross Lancaster reports.

    • 28 Apr 2016
  • ME sov bond surge begins as Abu Dhabi dazzles

    Abu Dhabi’s $5bn note, priced Monday, dazzled with size and rarity, but also set the bar for other Middle East sovereigns facing unprecedented funding needs. How that capital is raised could come to define the year in emerging market bonds, writes Francesca Young.

    • 28 Apr 2016
  • Leveraged loans spring back to life but more deals still wanted

    The European leveraged loan market is finally starting to open up after a torrid few months, with a fast flow of deals and keen thirst for risk, writes Max Bower.

    • 28 Apr 2016
  • Vakifbank smashes open emerging market covered bonds

    Türkiye Vakiflar Bankasi, or VakifBank, this week issued the first publicly syndicated Turkish covered bond, sending a powerful message to other Turkish banks and emerging market issuers that the investor base is wide open and eager for more EM names.

    • 28 Apr 2016

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Old Money

  • Old Money: Rogues’ gallery

    ‘Rogue traders’ have struck again — Tijane Thiam, Credit Suisse’s chief executive, doesn’t seem sure quite how his traders ran up such large positions, but they’re being blamed for $750m of losses and writedowns since October 2015. The Swiss bank’s distressed debt desk joins a long line of unauthorised big losers stretching back four decades.

    • 20 Apr 2016
  • Old Money: Less than zero

    “The rate of interest is never negative,” declared John Maynard Keynes in his masterwork, The General Theory of Employment, Interest and Money (1935). Keynes was expressing the universally held view that the nominal interest rate had a “zero lower bound” (ZLB) — a holder of a £5 note would simply hold it as cash earning no interest rather than placing it on deposit at, say, minus 1%, making it worth £4.95 in a year’s time.

    • 17 Mar 2016
  • Old Money: 'A good sweating' — turning up the heat in oil

    "Big Oil peers into the abyss," declared The Economist in the summer of 1986, hailing the world’s third oil shock. Its famous forerunners of 1973 and 1979 featured huge OPEC price hikes. The 1986 shock, by contrast, starred a 70% price fall — from $32 a barrel to below $10.

    • 18 Feb 2016
  • 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

The GlobalCapital View

  • Africa Loans: You’ve got a (new) friend in me

    China's growing presence in Africa is nothing new. But Asian banks are finally coming to the continent's loan market with big tickets and this is not the time for other lenders to sit on their hands.

    • 26 Apr 2016
  • ECB boosts global appeal of covered bonds

    Vakifbank’s debt euro Turkish covered bond is good for investors, good for emerging markets borrowers and good for the global economy. But the deal would probably never of happened without the intervention of the European Central Bank.

    • 26 Apr 2016
  • Equity block trades market ain’t broken — don’t try to fix it

    The block trade market is an exciting, risky part of the equity business. Banks can slip up — but that shows how hard they are competing for deals. If, as it seems, block trades work well for issuers and investors, regulators like the Financial Conduct Authority should not interfere.

    • 26 Apr 2016
  • Saudi post-oil plan won't be easy

    Saudi Arabia on Monday announced its plans to diversify away from oil production through a plan it called "Vision 2030". But the oil rich nation won't find it easy to execute in the plan, particularly when it comes to attracting skilled foreigners to fuel its goals.

    • 26 Apr 2016

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Apr 2016
1 JPMorgan 118,198.77 471 8.19%
2 Barclays 105,809.66 302 7.33%
3 Bank of America Merrill Lynch 105,556.78 336 7.31%
4 Citi 104,435.02 373 7.24%
5 HSBC 87,799.03 344 6.08%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Apr 2016
1 UniCredit 11,000.84 37 7.47%
2 Barclays 10,366.49 9 7.04%
3 HSBC 9,686.14 33 6.58%
4 Morgan Stanley 9,493.83 4 6.45%
5 Rabobank 7,364.24 11 5.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Apr 2016
1 Bank of America Merrill Lynch 3,682.08 19 7.83%
2 JPMorgan 3,609.62 23 7.68%
3 UBS 3,510.42 16 7.47%
4 Morgan Stanley 3,389.74 15 7.21%
5 Goldman Sachs 3,366.07 22 7.16%