TOP STORIES

  • Covenant battle rages in HY as lawyers blamed for ramping up confrontation

    Fierce competition for clients among law firms advising borrowers and investors is stoking up disputes over the loosening bond covenants, said high yield market participants this week. The number of deals pulled has already surpassed 2017 figures as a result, but both sides in the battle show little sign of giving way. Victor Jimenez reports.

    • 21 Jun 2018
  • Saudi index inclusion flings doors open to global investors

    The decision by MSCI to reclassify Saudi Arabia as an emerging market and the country's inclusion in its emerging market indices is a game changing moment for the kingdom in its attempts up to foreign investors. With the IPO of Saudi Aramco looming, investors are excited by the prospects these changes promise, writes Sam Kerr.

    • 21 Jun 2018
  • EIB makes pioneering Sonia play

    A sterling floater from the European Investment Bank would not normally set tongues wagging across capital markets but the supranational’s upcoming deal is an exceptional case. The bond is a test case for what is expected by many to become the new market standard for the format, writes Lewis McLellan.

    • 21 Jun 2018
  • Cambridge University opens CPI linker market

    The University of Cambridge returned to the sterling corporate bond market nearly six years after its debut corporate bond with the first private sector UK inflation-linked bond referencing the consumer price index rather than the retail price index. On the same day, British Telecom also issued inflation-linked bonds to its own pension fund using CPI rather than RPI. Nigel Owen reports.

    • 21 Jun 2018

COPPLESTONE'S CARTOON

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PEOPLE & MARKETS

  • European banks could see boost in portfolio financing from EBA plans

    European-regulated banks might see a boost to their business from an obscure tweak to securitization rules, rolled out in a European Banking Authority paper published on Tuesday. The proposals could see them better able to compete with US firms in the increasingly lucrative business of portfolio financing through securitization.

    • 21 Jun 2018
  • Could bond buyers strike to force climate action?

    A new drive to encourage bondholders to "engage" with issuers — jargon for asking them to improve their behaviour — is set to be started by a well known corporate bond investor who has joined an NGO.

    • 21 Jun 2018
  • HSBC loses MTN banker

    An MTNs banker has resigned from HSBC.

    • 21 Jun 2018

COMMENT & COLUMNS

THE GLOBALCAPITAL VIEW

  • No shame in the game: taking the embarrassment out of pulled trades

    It’s time to take the stigma out of pulled deals. In this world of the Market Abuse Regulation (MAR), political volatility, and opportunistic issuance, sometimes it just shows that an issuer’s treasury was reaching a bit — and that’s OK.

    • 19 Jun 2018
  • Bond underwriters should tread carefully

    The Asian bond market has had a volatile quarter, with new dollar issues struggling in primary and notes underperforming in the secondary market. It may be tempting to cut corners, but there is no room for shoddy market practices.

    • 19 Jun 2018

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SOUTHPAW

  • Barclays makes up for lost time with European IB push

    Barclays has regained its mojo in corporate finance, after a period of drift. But with a flagging share price and an activist investor snapping at its heels, it's a race against time, writes David Rothnie.

    • 21 Jun 2018

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LEADERS

  • Dollar market proves it’s still the go-to option

    When Sanofi raised all €8bn of the funding it needed for its acquisitions of Ablynx and Bioverativ in March, much was made of how this showed the capability of the European market to take down large M&A financings. But if Europe is now so capable, why then did Bayer, one of Germany’s brightest corporate stars, take 75% of the €22bn of financing it needed to buy Monsanto from the US instead?

    • 21 Jun 2018
  • A sterling effort by EIB

    The European Investment Bank deserves serious plaudits for taking the plunge this week with a sterling floating rate note that pays coupons linked to Sonia rather than Libor — no matter how well the deal goes.

    • 21 Jun 2018

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PAINED TRADER

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GlobalCapital Bond Comments

View detailed issuer and bookrunner commentary and market appraisal for the key deals in the market. Choose from SSA, FIG, Corporates and Emerging Market deals.


ASSET CLASS NEWS

SSA

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FIG

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SECURITIZATION

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CORPORATE BONDS

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EQUITY

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SYNDICATED LOANS

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LEVFIN

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DERIVATIVES

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EMERGING MARKETS

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 194,169.10 744 8.07%
2 JPMorgan 182,763.00 809 7.59%
3 Bank of America Merrill Lynch 179,276.13 589 7.45%
4 Barclays 157,989.80 540 6.56%
5 HSBC 134,550.36 615 5.59%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 28,912.55 42 8.12%
2 BNP Paribas 23,481.31 80 6.60%
3 Citi 19,694.20 52 5.53%
4 SG Corporate & Investment Banking 18,198.32 63 5.11%
5 Credit Agricole CIB 18,113.59 74 5.09%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 9,120.53 41 8.98%
2 JPMorgan 8,709.42 37 8.57%
3 Citi 7,537.45 40 7.42%
4 UBS 5,926.29 19 5.83%
5 Deutsche Bank 5,145.17 32 5.06%