Top stories

  • Fatigue fails to dampen rampant Middle East after Qatar scorcher

    Middle East bond markets are red hot with $24bn of deals printed so far in 2016 — the highest ever year to date level. However, while Qatar's triple-tranche $9bn jumbo drew a book of $23bn and proved there is abundant demand for high quality GCC borrowers, signs of fatigue are starting to play out in the poor secondary trading performance of some of this week’s other new issues. Virginia Furness reports.

    • 26 May 2016
  • Evry minority shareholders shocked by dividend recap

    Minority shareholders in Evry, a Norwegian IT company controlled by Apax Partners, were dismayed to learn this week that Apax had not told them it planned to extract a €203m dividend from the firm, even as it is trying to buy them out, writes Max Bower.

    • 26 May 2016
  • Greece deal to avert SSA worry, QE to reach GGBs in 2017

    One of the major political risks facing the public sector borrowing markets this summer was solved overnight on Tuesday, after the Eurogroup agreed the release of €10.3bn of bail-out funds to Greece. Officials in the country are also optimistic that its debt could benefit from central bank buying as soon as next year, writes Lewis McLellan.

    • 26 May 2016
  • Global CLO market at bay as costs pin down deal size

    The European and US CLO markets are aligning into what is set to become a global arena. But the crushing cost of finding loans is stunting deal sizes in both markets. David Bell and Sam Kerr report.

    • 26 May 2016
  • The winners: GlobalCapital Bond Awards 2016

    GlobalCapital is delighted to announce the winners of its Bond Awards for 2016. The results were revealed at a gala dinner at London's Guildhall on May 25. Thank you to everyone who supported the event by attending and voting in the polls that decided who were the best and brightest in bonds over the last 12 months.

    • 25 May 2016
  • Eurobonds from Russia with limited love

    Russia this week printed its first Eurobond since 2013. But the $1.75bn deal — hobbled by Western banks refusing to lead arrange, Euroclear declining to confirm it would settle the bond and compliance teams halting some fund managers from participating — was not a straightforward issue. Debate rages as to whether the exercise has done the sovereign more harm than good.

    • 26 May 2016
  • London landmark: China prints first international renminbi bond

    China had no problem selling its first offshore renminbi bond outside of Hong Kong as a strong showing from central banks pushed the deal to be more than twice subscribed.

    • 26 May 2016

People and Markets

  • UniCredit seeks Italian candidate as CEO after Ghizzoni departs

    UniCredit is poised to appoint headhunters to lead the search for a new chief executive following the resignation of Federico Ghizzoni, with the board understood to be favouring an external candidate — and preferably an Italian national — to take the job.

    • 26 May 2016
  • Sales could be 'cut off at the knees' by MAR

    Sales teams could be stopped from giving market colour, or recommending bonds based on value if Europe’s Market Abuse Regulation hits the statute book as planned — and there’s only a month left to change it.

    • 26 May 2016
  • People Moves in Brief

    JPM promotes after Norrey's retirement - Soc Gen names new FIG DCM head - CS's Patry takes vice chairman job in levfin

    • 26 May 2016

Olly Copplestone's Cartoon



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Old Money

  • Old Money: Happy birthday Argentina

    Argentina made its debut in the international capital markets 192 years ago. It has managed eight defaults since then, so are things any different now?

    • 18 May 2016
  • 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

The GlobalCapital View

  • Quoting movies in regulation isn't always bad

    The securitization industry’s efforts to educate legislators about the asset class are making progress – but there’s still a long way to go to help politicians overcome big screen characterisations of structured finance.

    • 24 May 2016
  • Smoking is less cool after Axa snub

    Axa’s decision to quit tobacco investments is a watershed moment for ethical investment and its influence will be felt in capital markets — although others may be slow to kick the habit.

    • 24 May 2016
  • Turning a bank around isn’t just judgment; it’s luck

    UniCredit’s chief executive, Federico Ghizzoni, has been forced out. There are grumblings about the bank’s low capital levels, high costs, and sprawling strategy, and suggestions that UniCredit needs to sell assets and build capital.

    • 24 May 2016
  • Russia's bond: a funding victory but a political defeat

    Russia’s $1.75bn sovereign Eurobond showed that the country can raise external financing, but that does not necessarily mean that the deal will be recorded as a political success.

    • 24 May 2016

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2016
1 JPMorgan 157,969.59 612 8.49%
2 Citi 140,907.65 478 7.57%
3 Barclays 138,179.72 407 7.42%
4 Bank of America Merrill Lynch 135,108.02 429 7.26%
5 HSBC 118,759.90 448 6.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 May 2016
1 UniCredit 12,701.79 49 7.31%
2 HSBC 10,564.64 41 6.08%
3 Barclays 10,439.06 10 6.01%
4 Morgan Stanley 9,604.70 6 5.53%
5 Citi 9,178.92 27 5.28%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 May 2016
1 Goldman Sachs 5,755.03 35 9.07%
2 JPMorgan 5,540.75 33 8.73%
3 Citi 4,580.99 26 7.22%
4 UBS 4,345.11 20 6.85%
5 Morgan Stanley 4,152.81 20 6.55%