• JPM: Banks’ RMBS Holdings Drop By $26B

    Banks dumped $26 billion in mortgage-backed securities holdings in the last week, a significant drop over a short period, according to analysts at JPMorgan during a client call on Tuesday.

    31 Jan 2012

  • CMBS Loan Prices At Two-Year High

    The prices of commercial real estate loans collateralizing commercial mortgage-backed securities rose in December to their highest levels in two years, according to DebtX ceo Kingsley Greenland

    31 Jan 2012

  • FSA To Press For CCP Stress Tests

    The U.K.’s Financial Services Authority said it would urge central counterparties to conduct stress tests on a daily basis as part of their reviews of how they would manage the risk of member defaulting on derivatives contracts.

    31 Jan 2012

  • JPM Slapped With Another MBS Suit

    German cooperative lender DZ Bank has been the latest to file against JPMorgan Chase for alleged misrepresentations in the offering materials of mortgage-backed securities it sold.

    31 Jan 2012

  • Denver Firm Forms Structured-Finance Group

    Denver-based CoBiz Financial has announced the formation of CoBiz Structured Finance, which it says will provide asset-based loans to middle-market businesses.

    31 Jan 2012

  • FHFA Defends Freddie Mac’s CMO Investments

    The Federal Housing Finance Agency has responded to media reports that Freddie Mac profited by pouring money into collateralized mortgage investments in which the government-sponsored enterprise benefited from homeowners are unable to refinance.

    31 Jan 2012

  • CMBS Rally Seen Ending

    The rally in commercial mortgage-backed securities that dominated activity in the first half of January appears to be coming to an end, according to Citigroup analysts.

    31 Jan 2012

  • Bank Failures To Double Over Two Years

    At least 758 banks are expected to fail over the next two years—nearly double the 389 that collapsed between 2009 and 2011, according to Invictus Consulting Group.

    31 Jan 2012

  • Deutsche Bank Said To Prep for $1 Bln CMBS

    Deutsche Bank is said to be preparing to launch a $1billion issue of commercial mortgage-backed securities in February.

    31 Jan 2012

  • Williams Adds Structured Finance

    The Williams Group has formed Eland Capital, a new unit that will explore structured finance opportunities for corporate, federal, state and local government clients.

    31 Jan 2012

  • AmeriCredit Subprime Deal Takes Off

    AmeriCredit Financial Services, a subsidiary of General Motors Financial, priced its first securitization of 2012, a $1 billion asset-backed deal backed by subprime auto loan receivables, this afternoon.

    31 Jan 2012

  • UBS Launches Algo Trading In Mexico

    UBS has begun offering algorithmic trading strategies in Mexico to increase access for international clients trading in the region.

    31 Jan 2012

  • Nomura Vol ETF Grows Two-Fold

    An exchange traded fund from Nomura, recognized as the market’s first volatility-linked ETF that reduces incurred slide costs, has grown two-fold after seeing increased inflows from institutional investors from the beginning of January.

    31 Jan 2012

  • Clearinghouse Issue Snags Derivatives Discussions

    The issue of when the European Securities and Markets Authority would have the power to settle disputes among national regulators on clearinghouse oversight is said to be the main disagreement in discussions on European Union derivatives regulations.

    31 Jan 2012

  • CFTC Mulls High-Frequency Trade Rules

    The U.S. Commodity Futures Trading Commission is considering whether to issue a concept release over the next few months for comment on proposed regulations in the Dodd-Frank Act for automated and high-frequency trading in the derivatives markets, according CFTC Chairman Gary Gensler.

    31 Jan 2012

  • ISDA To Decide On Big Banks’ Insolvency

    The International Swaps and Derivatives Association is expected to decide as early as this week whether a Greek default would constitute a credit event that could trigger the payout credit default swaps referencing the European country’s debt, and which could wipe out the five largest banks, according to commodities and fx trader Jim Sinclair.

    31 Jan 2012

  • Wells Taps MD For Institutional Investments

    Wells Fargo Securities has hired Geoffrey Keith as a managing director in its institutional investment solutions group with responsibility for developing and marketing equity- and commodity-linked investments for its global institutional clients.

    31 Jan 2012

  • JPM Names Asia Fixed-Income Chief

    JPMorgan Chase has appointed Pranav Thakur to succeed Tarun Mahroti as head of fixed for Asia ex Japan and Australia.

    31 Jan 2012

  • ICE Clear Credit To Allow Portfolio Margining

    Intercontinental Exchange’s has announced that its ICE Clear Credit unit has begun offering portfolio margining benefits for clearing participants' proprietary positions, which it says will allow “for more efficient collateralization of opposite positions in index and correlated single-name credit default swap instruments.”

    31 Jan 2012

  • Debate Eyed Ahead Of E.U. Vote On Bourse Merger

    Michel Barnier, the European Union’s commissioner of financial services, is planning to ask that the proposed merger of NYSE Euronext and Deutsche Boerse be debated before a vote is taken.

    31 Jan 2012

  • European CDS Rally Appears Over

    The rally for credit default swap on European sovereign debt appears to be over, after spreads widened 3% following an additional 8% narrowing the previous week, according to Fitch Ratings.

    31 Jan 2012

  • Williams Adds Structured Finance

    The Williams Group has formed Eland Capital, a new unit that will explore structured finance opportunities for corporate, federal, state and local government clients.

    31 Jan 2012

  • Malaysia To Launch Clearinghouse In Q1

    Bursa Malaysia is preparing to launch a clearinghouse for its derivatives market in the first quarter, according to Sree Kumar, the exchange’s general manager of business development.

    31 Jan 2012

  • SocGen Touts Dual Digital Play

    Investors should buy dual digital options on the Australian dollar/U.S. dollar against the USD/Mexican peso, according to strategists at Société Générale.

    31 Jan 2012

  • Natixis Announces Pfandbrief Platform

    French bank Natixis formally announced its plans to set up a branch to tap the German Pfandbrief market—the most liquid covered bond market in the world—to finance commercial real estate investments, primarily in Germany and France.

    31 Jan 2012

  • Reliance On ECB May Bode Poorly In Longer Term

    Eurozone bank reliance on the European Central Bank’s emergency-funding facility may be a positive in the short term but could have negative implications in the medium and longer term in terms of regaining access to the public bond market, according to Barclays Capital analysts.

    31 Jan 2012

  • European Banks May Triple ECB Funding

    Eurozone banks may double or triple the amount they borrow from the European Central Bank’s three-year emergency funding facility when the next auction is held Feb. 29.

    31 Jan 2012

  • Intesa Eyes Sale Of Senior Unsecured Bonds

    Intesa Sanpaolo says it is planning a sale of senior unsecured bonds to raise at least EUR500 million ($655.5 million), which would make it the first such debt deal of its kind in months.

    31 Jan 2012

  • Gross Lending By U.K. Mutuals Up 16%

    Gross lending by U.K. building societies and mutuals rose 16% in 2011 to £23.6 billion ($37.1 billion), according to the Building Societies Association.

    31 Jan 2012

  • BarCap Launches Covered-Bond Indices

    Barclays Capital has launched its Fiscal Strength Weighted Covered Bond Indices.

    31 Jan 2012

  • Austrian Bank To Launch Euro-Denominated Covered Bond

    Austria’s Erste Group Bank is expected to launch a benchmark-size euro-denominated covered bond in the near future, market conditions permitted.

    31 Jan 2012

  • Banks, Traders To Face Fine For Settling Failures

    The U.S. Securities and Exchange Commission will begin slapping large banks and trading firms that fail to properly complete certain mortgage-security trades.

    31 Jan 2012

  • Malaysia Relaxes Fx, Interest Rate Derivative Rules

    Malaysia’s central bank, Bank Negara Malaysia, is liberalizing its fx and interest rate derivatives markets.

    31 Jan 2012

  • MTN Ghana sends out RFPs

    Telecoms firm MTN Ghana is considering responses to an RFP for a $300m five year loan, according to bankers. The deadline for responses was January 25, said a banker.

    31 Jan 2012

  • HSBC Eyes Maiden Aussie Reverse Convert

    HSBC in Australia could issue partial capital protected reverse convertible structured products to domestic investors in the early second half of the year, a first for the firm in the country.

    31 Jan 2012

  • UAE: MAF issues sukuk, a bit smaller but inside price talk

    31 Jan 2012

  • MAF launches sukuk, a bit smaller but inside price talk

    Majid Al Futtaim, the United Arab Emirates-based shopping centre developer, launched and priced a $400m sukuk on Tuesday at 5.85% – inside its earlier 5.9%-5.95% guidance but below the maximum $500m benchmark size deal the firm had aimed for.

    31 Jan 2012

  • Euro jumbos

    31 Jan 2012

  • If the buck ain’t broke, don’t fix it

    US regulators rightly acted to boost money market funds’ resilience to shocks after the Reserve Primary Fund “broke the buck” in 2008. But given the funds’ performance during the crises of 2011, further risk reduction proposals are unnecessary and could be detrimental to regulators’ intentions.

    31 Jan 2012

  • Heavily oversubscribed SVB prices tight

    Sparebanken Vest Boligkreditt (SVB) uncovered €1.6bn of demand in one hour and priced the tightest Norwegian deal this year on Tuesday. Meanwhile, Erste Bank is looking to issue a new 10-year.

    31 Jan 2012

  • Fortis Cashes holders tender 63%

    BNP Paribas on Monday evening completed a tender offer for €3bn of Fortis Bank convertible and subordinated hybrid equity-linked securities (Cashes) with a high acceptance rate that belied a protest from a bondholder group last week.

    31 Jan 2012

  • Indonesian companies start re-IPO roadshows

    Indonesia’s ECM market has sprung to life, after two issuers launched management roadshows within a few days of each other. Conglomerate Sinar Mas and mining company Petrosea launched re-IPOs — additional share sales on top of small outstanding floats — last week.

    31 Jan 2012

  • Wharf makes bond comeback bid with benchmark dollar deal

    Hong Kong developer and port operator Wharf Holdings has returned to the dollar bond market for the first time in more than three years. The company scrapped a previous attempt at a deal early last year, but bankers are confident that its strong name recognition in Hong Kong would help them close a deal in New York trading hours on Monday.

    31 Jan 2012

  • ' Convergence and Beyond: Navigating Change '

    31 Jan 2012

  • OPINION: Back to the future for Japanese investment banks in Asia

    If they want a real crack at the bulge bracket, Japanese banks need to show the market that they’re resilient and serious about adapting to a global industry.

    31 Jan 2012

  • Sfr550m of euro, Swissie bonds launched for Orange Switzerland LBO

    Credit Suisse and Deutsche Bank have launched a Sfr550m-equivalent high yield bond to part-finance the buyout of Orange Switzerland by Apax Partners.

    31 Jan 2012

  • SA builder plans R2bn rights issue

    Murray & Roberts Holdings, a Johannesburg-listed construction firm, said on Tuesday that it plans a R2bn ($256m) rights issue to support its balance sheet, repay debt and fund growth after a restructuring of its debt.

    31 Jan 2012

  • Rare Finland takes €3bn despite low yields

    The Republic of Finland easily surpassed the €3bn target set for its new 15 year syndicated government bond on Tuesday. The deal was scheduled to price at the tight end of guidance as SSA Markets went to press.

    31 Jan 2012

  • African Minerals shrugs off late start in $350m CB re-opener

    African Minerals re-opened the European equity-linked market on Tuesday with a quick-fire $350m convertible bond that was strongly supported by outright investors and others with conviction about the company’s equity story. Other early-stage miners that are coming into the production stage might also be tempted by the CB product, said one banker.

    31 Jan 2012

  • Renminbi deposit drop is bad news for loan market

    The shine appears to have come off the offshore renminbi market. Funding costs are rising, bond investors are posturing and some analysts now think that renminbi deposits in Hong Kong will actually fall this year, after an almost unbroken growth streak for the last two years. That is bad news for loans bankers.

    31 Jan 2012

  • Proposed Russian LPN tax could derail Eurobond train

    A new withholding tax suggested by Russia's deputy finance minister Sergei Shatalov in a letter to the Russian Federal Tax Service could make Eurobond issuance much less attractive to Russian companies.

    31 Jan 2012

  • Sunshine Oilsands starts pre-marketing HK IPO

    Canadian company Sunshine Oilsands is set to be the first fully Canadian company to list in Hong Kong, having started pre-marketing a $500-$700m IPO on Monday.

    31 Jan 2012

  • Local Currency DCM Bookrunner Ranking (Asia ex Japan): 30-01-12 YTD

    31 Jan 2012

  • JCR-VIS Maintains Entity Ratings of First Credit and Investment Bank Limited

    31 Jan 2012

  • Samsung Securities shutters international operations

    The Korean brokerage is shutting down all equity sales, execution and research for markets outside Korea effective immediately, according to an internal memo seen by Asiamoney PLUS.

    31 Jan 2012

  • How long-term is the LTRO?

    Moody's reckons the ECB's long term refinancing operation is credit negative for Europe's banks. It's hard to square this with the relief it is providing the sector, but the agency is right to warn of the dangers of relying on central bank funding.

    31 Jan 2012

  • USM Team Wins Top Prize in Inter-varsity Financial Literacy I-FiLM Awards

    31 Jan 2012

  • Asia vs. EEMEA: FX/oil prices edition

    Weaker Brent crude prices - especially in local currency terms - are likely to buoy Asia markets, and boost monetary easing. But it's a different story for EEMEA, according to a Bank of America report

    31 Jan 2012

  • Hester: a CEO betrayed

    The chief executive of RBS has been hounded into giving up a bonus that he had been awarded. No one — least of all the UK government — should be proud.

    31 Jan 2012

  • Arkle returns to yen

    The provisional capital structure for Lloyds Banking Group’s Arkle 2012-1 RMBS includes a three year yen tranche, following the example of Santander UK’s Holmes 2012-1. Before this year, the only UK deal to offer yen had been Arkle 2010-2.

    31 Jan 2012

  • EM currency rally: hold on tight

    The monetary policy/risk on-off dynamic holds the key as to whether EM currencies can continue their storming start to 2012

    31 Jan 2012

  • BNZ opens door for Kiwi peers

    Bank of New Zealand convinced over 117 investors to participate in a three times oversubscribed trade on Monday. The surge of demand for the three year deal took leads by surprise, and market participants expect other non-European names to take advantage of investors’ hunger for the short end.

    31 Jan 2012

  • Direct impact of QE3 and LTROs on EM ‘will be limited’

    Further liquidity operations by the US Federal Reserve and the European Central Bank won't directly result in a flood of capital to emerging markets, analysts suggest

    31 Jan 2012

  • Sberbank releases talk for new LPN

    Sberbank has released price guidance on its dollar benchmark five year senior unsecured loan participation notes in the low 5% region. The notes will be 144a/RegS.

    31 Jan 2012

  • Enel takes advantage as MTN investors warm to Italy

    Enel, the Italian electricity company, sparked interest among medium term note investors as it took advantage of a dearth of corporate issuance to become the first Italian company to print a EuroMTN in 2012.

    31 Jan 2012

  • India banks face the cost of loan restructuring

    Local lenders can cope with this year’s increased volume of loan restructuring provided the country’s GDP growth stays around 7% or above, say analysts.

    31 Jan 2012

  • UAE: Aldar widens on Mubadalah stake uncertainty

    31 Jan 2012

  • Barclays creates €7bn collateral from Italian mortgage book

    Barclays has structured a €7bn securitisation of Italian mortgages, using the Mercurio Mortgage Finance programme. The deal will be retained, giving Barclays an extra slug of eligible collateral for the ECB’s LTRO facility, ahead of the second tender at the end of February 28.

    31 Jan 2012

  • Everything Everywhere sticks to one thing in one place for bond debut

    Everything Everywhere, the joint venture of France Télécom and Deutsche Telekom that is the UK’s largest mobile phone company, launched its debut bond today to an eager reception.

    31 Jan 2012

  • Cikarang pitches new dollar bond, launches buyback

    Indonesian power producer Cikarang Listrindo is returning to the international bond market for the first time in two years, selling a new dollar transaction that it will use to buy back an outstanding $300m issue. It will be the first Indonesian corporation to tap the market since the country was upgraded to investment grade.

    31 Jan 2012

  • Outokumpu plans €1bn rights issue for Inoxum

    Finland’s Outokumpu is planning a €1bn rights issue to support its purchase, agreed on Tuesday, of Inoxum, ThyssenKrupp’s stainless steel business. The fully-underwritten deal will be supported by some its key shareholders, the company said.

    31 Jan 2012

  • COUNTRY DEAL AWARDS: South Korea

    Each year ASIAMONEY picks the standout deal from each Asian country. In South Korea, the award goes to…

    31 Jan 2012

  • Canada a model for others, says FSB

    Canada’s regulatory regime has been given a glowing review in the Financial Stability Board’s peer review, which says the country’s financial system should be a model for others.

    31 Jan 2012

  • BPCE tightens French curve with premium-free 10 year

    BPCE opened the long end of the market for French issuers on Monday, setting a strong benchmark with an aggressively priced €750m 10 year deal.

    31 Jan 2012

  • Asian banks to maintain liquidity in face of EU deleveraging

    India, Indonesia and Korea are the most vulnerable to the deleveraging by eurozone banks and as a result will embark on policy measures to main liquidity in their markets. However, inflation concerns mean any action will be reactionary rather than pre-emptive, according to Morgan Stanley.

    31 Jan 2012

  • VW taps seven year at much tighter level

    Volkswagen showed the keenness of both borrowers and investors to engage in corporate bond transactions today, raising €500m by tapping the €750m seven year bond it launched on January 10.

    31 Jan 2012

  • Wholesale profits fall 17% but Santander points to LatAm strengths

    A sharp decline in equities and corporate finance revenues contributed to a 17.1% fall in profits in Santander’s wholesale banking franchise in 2011 compared to the year before, the bank reported on Tuesday.

    31 Jan 2012

  • Intesa returns to senior with 18 months, yield over 4%

    Intesa Sanpaolo this morning launched an 18 month fixed rate senior unsecured deal, becoming the first Italian bank to tap the market in 2012.

    31 Jan 2012

  • Seat Pagine Gialle misses restructuring deadline

    Italian directories company Seat Pagine Gialle said on Monday evening, as another deadline passed for its consensual financial restructuring, that it had not yet completed a final proposal.

    31 Jan 2012

  • SIDC and UiTM to Jointly Develop Talent for the Capital Market

    31 Jan 2012

  • 'We should pay more', say corporate borrowers

    Corporate borrowers can and should pay more for their credit facilities, according to treasurers attending a Euromoney conference on the future of corporate financing on Tuesday.

    31 Jan 2012

  • EuroWeek’s syndicated loan awards 2011 — just hours to go

    We’re now counting down the hours until EuroWeek’s 9th syndicated loan and leveraged finance industry dinner. Here is a reminder of the nominations for the loan awards for 2011.

    31 Jan 2012

  • J.P. Morgan promotes Thakur to Asian fixed income chief

    J.P. Morgan has promoted Pranav Thakur to head of fixed income for emerging Asia (ex-Japan ex-Australia) following the departure of Tarun Mahrotri, former Asian fixed income head and co-head of emerging markets (GEM).

    31 Jan 2012

  • MuniFin makes sterling debut at the tight end

    Municipality Finance priced its inaugural sterling benchmark at the tight end of guidance on Tuesday, following a trade in the same December 2014 maturity from Kommunalbanken last week.

    31 Jan 2012

  • COUNTRY DEAL AWARDS: Singapore

    Each year ASIAMONEY picks the standout deal from each Asian country. In Singapore, the award goes to…

    31 Jan 2012

  • Opinion: Regulator approves KEB acquisition too late

    Hana Financial Group has waited more than a year for regulatory approval to acquire Korea Exchange Bank. In that time, not only did KEB lose value, but investors lost faith.

    31 Jan 2012

  • Dollars take off as NIB set to print through curve

    The dollar market reopened with a bang on Tuesday, producing a plethora of popular trades. Investor clamour was such that the Nordic Investment Bank (NIB) was set to price a well oversubscribed five year inside its secondary levels as SSA Markets went to press. More dollar deals are expected this week with a number of names being suggested as candidates.

    31 Jan 2012

  • Freddie Mac Said To Use Inverse Floaters To Make Money

    ProPublica and NPR say their joint investigation has found that Freddie Mac was making money from so-called “inverse floaters” at the same time that it was supposed to be making it easier for struggling borrowers to refinance.

    30 Jan 2012

  • Dutch Pension Fund Sues GS Over MBS

    Dutch pension fund Stichting Pensioenfonds ABP has filed suit in New York state Supreme Court against Goldman Sachs for allegedly providing misleading information about the credit quality of residential mortgage-backed securities.

    30 Jan 2012

  • Banks Remain Tight On Credit Despite Rising Demand

    U.S. bank continued to maintain tight lending standards in the fourth quarter despite rising demand, according to the Federal Reserve.

    30 Jan 2012

  • RMBS Group To Focus On Disclosure

    The newly formed Residential Mortgage-Backed Securities Group is expected to focus on insufficient or misleading disclosure in selling the securities relating to credit quality, conforming to underwriting guidelines and underlying property valuations, among other factors, according to Robert Khuzami, director of the U.S. Securities and Exchange Commission’s Division of Enforcement.

    30 Jan 2012

  • Citi Snubs High-Risk Mortgages

    Citigroup has adopted a strategy to avoid purchasing medium or high-risk mortgages that could eventually result in requests from Fannie Mae and Freddie Mac to buy them back.

    30 Jan 2012

  • Outlook Stable For LatAm Structured Finance

    The outlook is stable this year for the credit quality of new and outstanding structured-finance transactions in Latin America, according to Moody’s Investors Service.

    30 Jan 2012

  • SEC Eyes Paulson’s Role In Deutsche Bank CDO

    The U.S. Securities and Exchange Commission is said to be investigating the role hedge fund Paulson & Co. played in selecting mortgage-backed securities for a collateralized debt obligation sold by Deutsche Bank.

    30 Jan 2012

  • Banks May Not Escape Criminal Liability From Settlement

    The proposed settlement between state attorneys general and mortgage servicers will not likely allow financial institutions to escape criminal liability.

    30 Jan 2012

  • Cat Bonds On The Prowl

    The asset-backed securities sector is starting to see the uptick many said to expect post-ASF2012, with some market players turning their attention to catastrophe bonds (aka event- or insurance-linked securities).

    30 Jan 2012

  • Global Macro Funds Buy U.S. CDS

    Global macro-focused hedge funds were buying credit-default swaps on U.S. sovereign debt today.

    30 Jan 2012

  • B of A: Mod Rates Could Surge Under New HAMP

    The expansion of the Home Affordable Modification Program’s guidelines to include a wider array of borrowers could cause modification rates to pick up by as much as 36%, according to researchers at Bank of America Merrill Lynch.

    30 Jan 2012

  • BarCap Sees Brazilian Vol Value

    Investors eyeing equity dislocations should position themselves long volatility on the Bovespa Brazil Sao Paulo stock exchange index and short volatility on the Brazilian real/U.S. dollar cross, say strategists from Barclays Capital in New York.

    30 Jan 2012

  • BarCap Sees Brazilian Vol Value

    Investors eyeing equity dislocations should position themselves long volatility on the Bovespa Brazil Sao Paulo stock exchange index and short volatility on the Brazilian real/U.S. dollar cross, say strategists from Barclays Capital in New York.

    30 Jan 2012

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92.59 388 8.96%
2 Citi 85.30 278 8.25%
3 BofA Securities 63.15 265 6.11%
4 Barclays 58.01 223 5.61%
5 Deutsche Bank 55.74 184 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 60.87 123 14.06%
2 Credit Agricole CIB 28.59 93 6.60%
3 Santander 25.41 90 5.87%
4 JPMorgan 23.88 61 5.52%
5 UniCredit 21.51 103 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2.07 11 10.42%
2 BofA Securities 1.40 6 7.01%
3 Citi 1.37 7 6.87%
4 Morgan Stanley 1.36 6 6.85%
5 JPMorgan 1.31 7 6.59%