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  • Saudi super sale sets up bond market future

    Saudi Arabia’s record breaking international triple trancher, priced Wednesday, heralded the start of a new era for the Gulf’s largest economy as it embarked on a future away from oil. The remarkable $17.5bn debut — the largest ever syndicated sovereign bond — swept up $63bn of global interest this week, which is just as well given the economic task that lies ahead for the country, writes Virginia Furness.

    • 20 Oct 2016
  • ABS investors balk at aggressive buy-side sellers

    Private equity firms and asset managers have jumped on a recent spread rally in ABS to lock down lucrative deals at attractive rates. The introduction of new, more aggressive structural features is a sign of the changing issuer base, but investors are starting to push back, writes David Bell.

    • 20 Oct 2016
  • Polish banks to scramble after PKO’s covered debut

    Polish banks will be anxious to follow PKO Bank Hipoteczny which on Monday enjoyed a superb reception for its euro benchmark covered bond — the first from the country. Bill Thornhill reports.

    • 20 Oct 2016
  • Brexit breakdown spurs derivs innovation

    Concerns that a ‘hard Brexit’ will lay waste to the pound and ratchet up UK inflation are furnishing a wave of innovation in structured products, as market participants look for more sophisticated ways to play a breakdown in previously dominant correlations between different asset classes, writes Dan Alderson.

    • 20 Oct 2016
  • Euro deals line up as Draghi sits back

    The long end will stay very much in vogue for euro issuers next week — which SSA bankers are predicting could be the last big window of issuance for the year.

    • 20 Oct 2016
  • Poland makes best of low rates to pre-fund with rare 30 year

    Poland cemented its position as one of CEE’s most nimble and savvy issuers on Tuesday by printing a 30 year euro deal — only the second ever from a non-Eurozone sovereign — in an opportunistic trade.

    • 20 Oct 2016
  • Debutant trio line up roadshows in Lat Am

    Argentine oil company Compañía General de Combustibles and lender Banco Macro joined Trinidadian utility name Trinidad Generation Unlimited (TGU) in the Latin America and Caribbean bond pipeline this week as debut issuers looked to take advantage of strong funding conditions.

    • 20 Oct 2016

People and Markets

  • Madrid kicks off hunting season for City diaspora

    Officials from Madrid this week sent the clearest message yet from a European Union country that the race to grab portions of London’s financial empire has begun.

    • 20 Oct 2016
  • Tempelman moves up as BAML shifts top London roles

    Bank of America Merrill Lynch has reshuffled the senior management of its debt capital markets and corporate banking teams in London.

    • 19 Oct 2016
  • Fixed income saves the day (for once) at US banks

    US banks reporting earnings in the third quarter ubiquitously saw steep upturns in revenues from fixed income trading, despite some seeing overall falls in year over year revenues, as divergences of opinion on the Federal Reserve’s plans for interest rates caused increased trading in bonds.

    • 20 Oct 2016


Olly Copplestone's Cartoon


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Old Money

  • Old Money: Deutsche Bank — a chip off the old blocks?

    Deutsche Bank and falling foul of the rules is nothing new. It built its investment banking operation acquiring businesses battling reputational and legal risk.

    • 13 Oct 2016
  • Old Money: Goodbye Great Britain

    The last round of IMF lending to developed market countries (before the European sovereign crisis) was 40 years ago this autumn — when Britain was locked out of the capital markets and had to go ‘cap in hand’ to the Fund.

    • 12 Sep 2016
  • Old Money: The Full Monte

    The world’s oldest bank has trodden a 500-year line between the sacred and the profane.

    • 10 Aug 2016
  • Old Money: what makes a financial centre?

    Financial centres come and go, but they're mostly very resilient. London's been near the top of its game since the Napoleonic Wars. Will it take Brexit in its stride?

    • 13 Jul 2016

The GlobalCapital View

  • New York's unlikely renminbi gambit

    Home to the world’s largest capital market, the US has what it takes to redraw the global heat map of renminbi internationalisation (RMBi) now that it has been awarded a clearing bank and the world’s second largest RMB investment quota. Yet this potential could be squandered by the upcoming presidential elections unless market forces prevail.

    • 21 Oct 2016
  • When the repo calls: Margin rules will bring more reg risk

    The coming market rush to comply with margin rules on uncleared swaps will be a big challenge in itself, but regulators need to think hard about the unintended repo risks they are creating by requiring collateral building at breakneck speed.

    • 18 Oct 2016
  • Don’t use Schuldscheine as a proxy loan market

    Loans and Schuldscheine have always sat side by side. With a similar lender base and documentation, the two seem almost interchangeable. This year banks have been capitalising on that similarity and driving issuance to new heights, but they should not get carried away — restructuring a Schuldschein is a lot more painful than with a loan.

    • 18 Oct 2016
  • Consumer watchdog down but not out

    The reputation of the US Consumer Financial Protection Bureau (CFPB) as a feared watchdog took a hit last week when a US Court of Appeals ruled against the regulator in a suit brought against it by PHH Mortgage. But opponents of the agency should not be confident that it has been completely defanged.

    • 18 Oct 2016

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Oct 2016
1 JPMorgan 310,048.18 1328 8.75%
2 Citi 285,934.48 1059 8.07%
3 Barclays 258,057.88 833 7.29%
4 Bank of America Merrill Lynch 248,459.06 911 7.01%
5 HSBC 218,245.86 884 6.16%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Oct 2016
1 JPMorgan 29,669.98 55 6.95%
2 UniCredit 28,692.62 136 6.73%
3 BNP Paribas 28,431.90 139 6.66%
4 HSBC 22,935.49 112 5.38%
5 ING 18,645.88 118 4.37%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Oct 2016
1 JPMorgan 14,593.71 79 10.38%
2 Goldman Sachs 11,713.19 63 8.33%
3 Morgan Stanley 9,435.23 48 6.71%
4 Bank of America Merrill Lynch 9,019.27 40 6.41%
5 UBS 8,763.73 42 6.23%