• Uzbekistan makes first leap into capital markets

    Uzbekistan opened a new chapter in emerging market bonds on Wednesday, printing a $1bn dual tranche deal. Market participants are expecting a swathe of other issuers from the country to follow the sovereign into the capital markets, although soggy trading on Thursday has stiffened investor resolve to hold firmer on pricing on subsequent Uzbek deals, writes Francesca Young.

    14 Feb 2019
  • Juve banks on its history to rationalise its future

    Record breaking Italian football club Juventus made its debut in the corporate bond market on Wednesday. It used the Agnelli family’s involvement in the ownership and running of the club for nearly a century to market the bond, but Italian football clubs do not have a great financial track record, writes Nigel Owen.

    14 Feb 2019
  • AT1 market looks on the bright side of Santander extension

    The bigger surprise in the financial institutions debt market this week was not that Banco Santander decided to extend the life of an additional tier one bond, but rather that the subordinated debt market took the decision in its stride.

    14 Feb 2019
  • Akbank launches refi as market splits over Turkey outlook

    Akbank is kicking off the first set of refinancings of the year for Turkish banks, launching its syndication with a smaller volume and tighter margins than last year’s deal. But lenders are divided on whether the deal represents an achievement for the Turkish bank, or betrays an outlook festooned with risk. Mariam Meskin reports.

    08 Feb 2019
  • SSAs reap rewards from ‘treating sterling as core’

    The UK’s future may be impossible to fathom as the beyond-satirical story of Brexit drags on, but public sector borrowers printing in the country’s currency can be certain that this will be a year of tumbling records, with volumes soaring and average sizes rocketing. While strong technical factors are behind much of the demand, some SSA bankers say that a willingness by issuers to treat execution in the currency like that in euros and dollars has bolstered sterling’s standing.

    • 14 Feb 2019
  • Balearic Islands sells largest ever bond in market comeback

    Investors backed the return of the Balearic Islands to the bond markets on Tuesday with the Spanish region selling its biggest ever single tranche bond. It was able to attract huge demand despite the threat of a snap general election in Spain — a prospect that looked increasingly likely as the week neared its end.

    • 14 Feb 2019
  • Controversial FHFA nominee calls for GSE recap and end to duopoly

    Mark Calabria, economist and adviser to the vice-president, sat before the Senate Banking Committee on Thursday in an official confirmation hearing to become director of the Federal Housing Finance Agency (FHFA), the chief regulator of the US housing finance system.

    • 14 Feb 2019

COPPLESTONE'S CARTOON

  1592

PEOPLE & MARKETS

  • Commerz readies for Brexit by moving jobs and clearing activity

    Commerzbank has faced some resistance from staff over moves from the UK to continental Europe in preparation for Brexit, although the bank says those who have moved have no regrets. Meanwhile, margin pressure has been weighing on the bank’s corporate clients division, but there were positive signs in its financial institutions business last quarter.

    • 14 Feb 2019
  • Levfin and a bad block weigh on Credit Suisse

    Credit Suisse’s fourth quarter results showed damage from the high yield and leveraged finance market’s tantrum in the last quarter of 2018. The bank was also hit by a Canada Goose block trade gone wrong.

    • 14 Feb 2019
  • Daiwa hires dollar SSA trading head

    Daiwa Capital Markets Europe has appointed a new head of dollar SSA trading.

    • 12 Feb 2019
  • Barclays hires CLO strategist to London team

    Barclays has hired Geoffrey Horton as a CLO and loan strategist in London.

    • 14 Feb 2019

COMMENT & COLUMNS

THE GLOBALCAPITAL VIEW

  • Green knowledge is not an efficient market

    Biofuels have swollen thanks to policies to combat climate change — even though often, they do not help the problem and can make it worse. This is a shocking record, born of ignorance, both accidental and wilful.

    • 12 Feb 2019
  • Germany holds power for ESG loans to soar

    German borrowers are finally warming to the idea of taking out loans linked to environmental, sustainable and governance (ESG) targets, and a confluence of complementary factors could serve to strap a rocket to deal volumes.

    • 12 Feb 2019

more Views

SOUTHPAW

  • UBS pivots from FIG to GIG

    UBS is re-balancing its corporate finance business to end its reliance on its Financial Institutions Group with impressive results, writes David Rothnie.

    • 14 Feb 2019

more Southpaw


LEADERS

  • AT1s: extend but don't pretend

    Additional tier ones couldn’t have reacted any more calmly to the first ever extension of a deal this week, but the market is still a long way from overcoming its ultimate test.

    • 14 Feb 2019
  • Uzbekistan: a brief reminder of better times

    In the emerging markets over the past year the art of bond investing has often felt like perfecting the skill of mitigating disaster — of knowing when to catch a falling knife or jump on a rebound before everyone else does.

    • 14 Feb 2019

more Leaders


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

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 57,129.47 180 8.21%
2 JPMorgan 56,411.95 198 8.11%
3 Barclays 48,804.69 156 7.01%
4 Bank of America Merrill Lynch 42,042.80 146 6.04%
5 Deutsche Bank 37,689.95 134 5.42%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 6,045.16 4 18.77%
2 BNP Paribas 1,742.18 7 5.41%
3 Credit Agricole CIB 1,539.94 8 4.78%
4 MUFG 1,257.24 4 3.90%
5 SG Corporate & Investment Banking 1,165.08 6 3.62%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UBS 709.14 2 11.20%
2 Citi 693.55 2 10.95%
3 Jefferies LLC 409.89 4 6.47%
4 BNP Paribas 341.77 2 5.40%
5 Investec Ltd 340.28 3 5.37%