Loans Dinner

TOP STORIES

  • Rates markets start to rock from pricing pushback

    It’s hard to fault the support the euro market has offered rates borrowers in the past week. Executions have been smooth, books well-filled and new issue premiums skinny. But, with ever more hawkish signals from the European Central Bank and steepening yield curves, the future does not look so rosy for borrowers. The balance of pricing power seems likely to shift in favour of investors.

    • 18 Jan 2018
  • Carillion collapse rumbles through private debt markets

    The Schuldschein and US PP markets pride themselves on rigorous credit analysis, but both were caught flat-footed when UK outsourcing firm Carillion fell into liquidation this week. The likelihood of private debt investors getting their money back is slim, and the knock-on effects on both markets are being disputed, write Nell Mackenzie and Silas Brown.

    • 18 Jan 2018
  • Shift underway in LBO financing, as buyers clamour for bonds

    Leveraged loans have dominated leveraged buyout financing in recent months, but high yield bonds could be poised for a comeback, say European investors. Crown Holdings, the US can maker, added to early signs of optimism with its new €1.5bn cross-border bond offering this week, writes Victor Jimenez.

    • 18 Jan 2018
  • Hot US high yield ‘earning little more than Treasuries’

    Exuberant US high yield bond investors have driven spreads to multi-year tight levels. Guggenheim said on Thursday that high yield portfolios would earn little over a 10 year Treasury on an adjusted basis, but this is not stopping the rush of buyers into new issue deals. David Bell reports.

    • 18 Jan 2018

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PEOPLE & MARKETS


COMMENT & COLUMNS

THE GLOBALCAPITAL VIEW

  • Planning for the fall: what a cryptocrash would look like

    Bitcoin has, since its creation, been a wild ride. Volatility is part of its charm — after all, where else do you get more than 1,500% growth in a year? But if, or when, it crashes for good, how would it play out?

    • 16 Jan 2018
  • Carillion: unhappy in its own way

    Carillion filed for compulsory liquidation on Monday, prompting floods of columnists to rush to display their hours-old knowledge of the UK outsourcing sector and denounce the firm’s borrowing strategy. But what the case proves is that each collapsing company is unhappy in its own way.

    • 16 Jan 2018

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SOUTHPAW

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LEADERS

  • Investor price discrimination is the thin edge of the tapering wedge

    Primary covered bond sales have gone smoothly so far this year, with borrowers continuing to pay negligible new issue premiums and still attracting comfortably oversubscribed order books. But look a little closer and its clear there’s been a perceptible change. Investors are fighting back, and beginning to get their way.

    • 18 Jan 2018
  • Risk transfer deal transfers risk

    Risk managers are already turned on to the benefits of balance sheet CLOs — if arrangers and investors in this intensely private market are to be believed, almost every large institution in Europe has been looking at issuing these deals. But they still leave a nasty taste in some mouths.

    • 18 Jan 2018

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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 30,363.50 109 7.56%
2 JPMorgan 27,423.07 94 6.82%
3 Goldman Sachs 27,365.68 53 6.81%
4 Barclays 25,009.79 63 6.22%
5 Deutsche Bank 22,679.02 69 5.64%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Mizuho 299.85 1 21.73%
1 ING 299.85 1 21.73%
1 Commerzbank Group 299.85 1 21.73%
1 BNP Paribas 299.85 1 21.73%
5 UBS 60.22 1 4.36%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 1,607.28 5 22.59%
2 Credit Suisse 1,301.65 4 18.30%
3 UBS 970.80 3 13.65%
4 BNP Paribas 522.35 4 7.34%
5 SG Corporate & Investment Banking 444.17 3 6.24%