TOP STORIES

  • Turkey crash takes out EM

    Emerging market currencies and bond yields were battered this week as old school contagion — the like of which has been absent for many years — infected the market as the Turkish lira crashed. But there is hope that a bounce back for many of these countries could be imminent, as it was after the 2013 taper tantrum. Francesca Young reports.

    • 16 Aug 2018
  • World Bank’s first SOFR sparks price discussion

    The World Bank priced a landmark deal this week as financial markets ween themselves off Libor. But the execution of the $1bn August 2020 bond, the supranational's first with a coupon linked to the Secured Overnight Financing Rate, sparked a debate about the premium the borrower paid. Burhan Khadbai reports.

    • 16 Aug 2018
  • Deripaska’s VTB sanctions buster plan ‘difficult’ for OFAC, says former chief

    The US Office of Foreign Asset Control (OFAC) has an unprecedented decision to make on whether to accept a reported offer from EN+ owner Oleg Deripaska to sell shares in the company to VTB Bank. The aim of the deal is to reduce the oligarch’s majority stake in the aluminium conglomerate, which, it is hoped, will result in sanctions against it being removed.

    • 16 Aug 2018
  • Rough end to the summer in sight for US ABS, say analysts

    The US securitization market has shrugged off macroeconomic turmoil in recent weeks and months, but investors that think sector operates in a vacuum may be due a shock before the end of the summer, according to analysts, writes David Bell.

    • 16 Aug 2018

COPPLESTONE'S CARTOON

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PEOPLE & MARKETS

  • Ringfences at the ready as UK banks reassure on reforms

    The large British banks have just completed one of the most complex structural reforms they’ve ever undertaken, severing their UK retail businesses from their wholesale operations to meet ringfence regulations. The sheer disruption of the changes has led competitors to scent blood, while the UK banks have been anxious to reassure their clients that nothing will change.

    • 16 Aug 2018
  • BAML hires Renard in ECM revamp

    Bank of America Merrill Lynch has made sweeping changes to its European equity capital markets franchise and has hired Credit Suisse’s Jerome Renard for a new position of head of EU ECM.

    • 10 Aug 2018
  • SSA banker leaves Morgan Stanley

    A London-based SSA syndicate banker at Morgan Stanley has left the bank a year after joining, GlobalCapital understands.

    • 16 Aug 2018

COMMENT & COLUMNS

THE GLOBALCAPITAL VIEW

  • Lat Am issuers have nothing to fear

    Another month, another set of headlines to scare even the most resolute of EM investors. Yet it is nearly time for Latin American primary markets to make a comeback, and issuers shouldn't let their plans get derailed.

    • 16 Aug 2018
  • RCom: tender is the night

    India’s Reliance Communcations (RCom) tender and exchange offer, unveiled last week, would clear the issuer’s books of its $300m 6.5% 2020 bond. But since RCom defaulted on a payment for the notes last November, it is in no position to offer investors such paltry tender and exchange terms.

    • 16 Aug 2018

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SOUTHPAW

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LEADERS

  • It’s a nexus, not a doom loop

    The sovereign credit crisis spurred lawmakers to undertake a number of major initiatives designed to sever the ‘doom loop’ — the link between sovereign and bank credit risk. Recent events in Italy and Turkey show the limits of these policies, but not their impotence.

    • 16 Aug 2018
  • Where will it end?

    There is something strange about allowing banks to use ordinary senior debt to count towards their minimum requirement for own funds and eligible liabilities (MREL).

    • 16 Aug 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 241,977.38 927 8.19%
2 JPMorgan 223,817.40 997 7.58%
3 Bank of America Merrill Lynch 216,160.55 723 7.32%
4 Barclays 185,098.93 672 6.27%
5 Goldman Sachs 158,991.47 518 5.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 32,522.19 61 6.54%
2 BNP Paribas 32,284.10 130 6.49%
3 UniCredit 26,992.47 123 5.43%
4 SG Corporate & Investment Banking 26,569.73 97 5.34%
5 Credit Agricole CIB 23,807.36 111 4.79%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 10,167.68 46 8.81%
2 JPMorgan 9,894.90 42 8.58%
3 Citi 8,202.25 45 7.11%
4 UBS 6,098.17 23 5.29%
5 Credit Suisse 5,236.02 28 4.54%