• Emirates NBD watches market windows

    Leads on Emirates NBD’s trade are closely watching the market this week for an issuance window for the delayed five year dollar trade, as another Middle Eastern issuer might be testing the market tomorrow.

    19 Nov 2018
  • Ico scores with first syndication of 2018, but BNG ‘a bit softer’

    A pair of socially responsible investment deals from public sector borrowers received mixed views on Monday from on-looking SSA bankers. Instituto de Crédito Oficial was able to tighten its spread by 3bp for its first syndication of 2018, while Bank Nederlandse Gemeenten returned for its second sustainability bond of the year.

    19 Nov 2018
  • BondMarker: Rentenbank’s dollar deal outdoes EFSF in euros

    A dollar benchmark from Rentenbank scored comfortably higher than a euro trade from the European Financial Stability Facility in the latest BondMarker results. That is in keeping with a few weeks where the dollar market has been far more resilient than a wobbly euro sector.

    19 Nov 2018
  • SRI takes centre stage in SSA

    Socially responsible investment deals were the focus of attention in the primary SSA market this week, as the World Bank and the Flemish Community of Belgium sold well-received green and sustainability bonds, respectively. Bank Nederlandse Gemeenten and Eurofirma have added to the public sector SRI pipeline, which is showing no signs of slowing down as the year end approaches.

    • 15 Nov 2018
  • Lev loan market lives 'like there’s no tomorrow’

    Recent deterioration in credit quality, deal terms and potential recovery rates may be storing up trouble in the leveraged loan market but market sources in Europe fear that many of their peers are taking on these risks with no heed to their future impact.

    • 15 Nov 2018

COPPLESTONE'S CARTOON

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PEOPLE & MARKETS

  • Too many platforms: have Schuldschein banks met their Waterloo?

    Bemusement is growing among Schuldschein lenders, as a seventh issuance platform — again created to promote efficiency — is set to be launched.

    • 15 Nov 2018
  • China may be first to cut green loan risk weights after Ma calls for it

    Ma Jun, a member of the People’s Bank of China’s monetary policy committee, has come out in favour of altering bank capital rules to give lower risk weights for green assets — which could be a sign the PBoC is close to adopting the policy. He calls on China to lead the way and argues there is evidence green assets are less risky.

    • 15 Nov 2018
  • New index spotlights Big Food for US obesity

    The first US Access to Nutrition Index has been published for investors, aiming to guide them on which big food companies are doing better and worse at feeding the American public healthily.

    • 15 Nov 2018

COMMENT & COLUMNS

THE GLOBALCAPITAL VIEW

  • Enria is right — P2G has been in the dark for too long

    EU supervisors should not need Andrea Enria, chair of the European Banking Authority, to tell them that full transparency on Pillar 2 is beneficial for the capital markets. It should have been clear all along.

    • 02:00 PM
  • Don’t judge an IPO by its cover

    Babytree Group and Tongcheng-Elong Holdings hit the market with their Hong Kong IPOs at an unfortunate time — when volatility forced both companies to take a knife to their fundraising targets. But from a long term perspective, their moves might just pay off.

    • 10:00 AM

more Views

SOUTHPAW

more Southpaw


LEADERS

  • Defusing TLTRO time bomb requires prudence, not hope

    From June 2019 a large chunk of debt borrowed by banks from the EU periphery under the European Central Bank’s second Targeted Longer-Term Refinancing Operations (TLTRO II) will no longer be considered stable funding. Banks should refinance that debt in the market instead of hoping for another ECB handout.

    • 15 Nov 2018
  • VW bondholders benefit at shareholders' expense

    It is sometimes said that bondholders are treated like second class citizens at the expense of equity holders. But this week equity holders in Volkswagen should be knocking on its treasurer’s door, asking how investors in the latest bond deal were able to command such a premium for buying new debt.

    • 15 Nov 2018

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ASSET CLASS NEWS

SSA

more SSA

FIG

more FIG

SECURITIZATION

more securitization

CORPORATE BONDS

more corporate bonds

EQUITY

more equity

SYNDICATED LOANS

more loans

LEVFIN

more levfin

DERIVATIVES

more derivatives

EMERGING MARKETS

more emerging markets

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 330,488.64 1282 8.09%
2 JPMorgan 322,584.56 1394 7.90%
3 Bank of America Merrill Lynch 296,928.01 1015 7.27%
4 Barclays 249,873.33 927 6.12%
5 Goldman Sachs 220,211.32 736 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 46,112.22 182 6.98%
2 JPMorgan 44,545.29 93 6.74%
3 UniCredit 35,639.50 153 5.39%
4 Credit Agricole CIB 33,211.72 160 5.03%
5 SG Corporate & Investment Banking 32,419.80 126 4.91%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,792.73 61 8.96%
2 Goldman Sachs 13,469.15 66 8.75%
3 Citi 9,716.40 55 6.31%
4 Morgan Stanley 8,471.86 53 5.50%
5 UBS 8,248.12 34 5.36%