• New Sants goes marching in at Barclays as penalties bite

    Barclays has appointed a new group head of compliance, to replace former regulator Hector Sants, who left the UK bank in November last year on the grounds of stress and exhaustion. The announcement comes as Barclays prepares to release its fourth quarter results, which are understood to contain another set of hefty penalties for misconduct.

    31 Jan 2014

  • “We get no pressure from our equity partner Blackstone. It’s not even in discussion.”

    --Mark Floyd, ceo of Exeter Finance Corp., responding to the claim that the firm’s private-equity backers may be pressing too hard for returns, which may have contributed to its recent management turnover.

    31 Jan 2014

  • Barclays Tips 10 Names On CDX IG

    Strategist at Barclays in New York have identified 10 names with a greater widening-to-tightening ratio in the North American CDX investment grade index than the index itself, for investors looking for a more favorable risk-reward trade-off than the index.

    31 Jan 2014

  • Barclays' Macdonald leaves loan role, more cuts to come

    Barclays swung the axe last week as up to five loans bankers are thought to be facing job losses. Jonathan Macdonald, the bank's managing director, head of loan syndicate for EMEA and Asia Pacific, has already been notified that his position is under review.

    31 Jan 2014

  • “We have been looking for the most efficient methods to implement smart passive strategies. NYSE Liffe futures provide us with our preferred smart passive strategy in one transaction.”

    —Chris Darbyshire, cio of Seven Investment Management, on the move by NYSE Liffe to launch futures on MSCI Factor Indices.

    31 Jan 2014

  • One Year Ago

    UBS Securities was in plans to offer onshore total return swaps referencing Chinese A-shares, and separately offer equity-linked structured products via a special purpose vehicle structure, such as a trust or a mutual fund, on the back of a relaxation of propriety trading rules.

    31 Jan 2014

  • Altice adds value in aftermarket after astute allocations

    A €1.305bn IPO for French cable firm Altice, the largest flotation on Euronext Amsterdam since 2006, has outperformed bankers’ expectations, in some of the most volatile markets for months.

    31 Jan 2014

  • Wells, Other Banks Said To Turn Heat Up On CLO Managers

    Wells Fargo and other banks are pressuring managers of the collateralized loan obligations they hold to restructure them to be Volcker-compliant, sometimes as a precondition to buying new deals from those managers, according to people familiar with the matter. Spokespeople at Wells were not able to comment by press time.

    31 Jan 2014

  • Naked Sov CDS Ban Could Permanently Damage E.U. Market

    The ban on uncovered sovereign credit default swap trading in Europe could permanently impair E.U.-regulated sovereign CDS markets and cause further market stress when combined with European Central Bank tapering, bank failure and lack of liquidity.

    31 Jan 2014

  • Comcel debut surprise brings life to EM high yield

    Guatemalan mobile company Comcel sold $800m of 10 year non-call five bonds on Thursday, defeating the expectations of some EM syndicate bankers who believed that the market was not ready for LatAm high yield borrowers.

    31 Jan 2014

  • Linklaters joins HSBC on UK sukuk team

    The UK government has appointed law firm Linklaters to act as legal advisor to assist the UK Treasury in preparing for the country's debut sukuk.

    31 Jan 2014

  • GTT hopes LNG exposure helps it sail through volatility

    Gaztransport & Technigaz (GTT) launched a €500m IPO on Friday, with bankers hoping that the French liquefied natural gas container manufacturing firm's exposure to a sought-after sector helps it sail through market volatility.

    31 Jan 2014

  • EBA opts for more lenient threshold for EU stress tests

    The European Banking Authority has shaved 50bp off the minimum capital ratio banks must have after the adverse scenario to pass its 2014 stress tests, prompting some market participants to suggest it is being too lenient.

    31 Jan 2014

  • Goldman’s Chavez To Receive Outstanding Contribution Award

    R. Martin Chavez, chief information officer for Goldman Sachs in New York, will receive the Outstanding Contribution Award at the Americas Derivatives Awards on April 22. Chavez, who was selected for the award by senior buyside and sellside officials active in the derivatives markets, will be honoured for his contribution to the development of the derivatives market through his role at the International Swaps and Derivatives Association, as well as his success in developing Goldman’s Equities Franchise, among other areas. The full list of award categories and nominees can be accessed at www.derivativesweek.com.

    31 Jan 2014

  • EM Names Trigger Vol

    Emerging markets have a habit of triggering volatility compared to their developed market counterparties, as we have seen several times over the last 30 years. The trend was evident towards the end of January with fairly large swings in credit and equity.

    31 Jan 2014

  • LMA to produce template docs for European PPs

    The Loan Market Association has formed a working party to produce a template document for use in European private placement transactions.

    31 Jan 2014

  • ICBC in $765m deal for Standard Bank's UK arm

    The rise of Chinese bank's activity in EMEA took a leap forward this week after Industrial and Commercial Bank of China announced that it is buying a controlling stake in Standard Bank's London-based global markets business.

    31 Jan 2014

  • High yield bid rock steady as issuers defy EM sell-off

    When the going gets tough, high yield investors often get going, too — out of the door. So far, in this bout of tapering-induced risk-aversion, that has not happened. While stockmarkets sold off this week, CDS indices widened and emerging market bonds plunged, high yield issuers in Europe kept launching and printing bonds, writes Stefanie Linhardt.

    31 Jan 2014

  • New Issues 1339

    This weeks new issues

    31 Jan 2014

  • ICBC aiming to branch out into EMEA loan market

    The rise of Chinese banks in the EMEA loan market seems to be inevitable. Regulatory changes will allow Chinese subsidiaries to apply for branch status in the UK, opening up the vast balance sheets of parent banks for the first time. Loans bankers at western houses have been keeping a close watch on these sleeping dragons, which this week made their intentions outside of China clear when Industrial and Commercial Bank of China (ICBC) entered into an agreement to buy Standard Bank’s UK arm (see separate story). But this isn't the first move that the Chinese behemoth has made to expand in Europe. Last April, Benny Zachariah was hired to ICBC London with the task of setting up the bank’s loan sales and syndication desk. He talks to EuroWeek’s Michael Turner about the bank’s ambitions.

    31 Jan 2014

  • Russian IPO to be pathfinder out of EM rout

    Bankers this week were betting that the chaos that ripped through the emerging markets will settle over the next month, as they pushed ahead with IPOs for Russian hypermarket chain Lenta with another set to follow, writes Andrew Griffin.

    31 Jan 2014

  • Créd Ag defies choppy senior to land magic 3% on 12 year

    Crédit Agricole will go down as the only bank bold enough to print this week, as senior unsecured issuance was hampered by fears of an emerging market crisis. But its long benchmark showed just why others were wary, as it widened after pricing.

    31 Jan 2014

  • Orders rain on the regions as Spain sustains the show

    Spain brushed off the threat of contagion from Latin American volatility this week as two of its sub-sovereigns harnessed investors’ fierce appetite for peripheral debt with record-sized deals at close to pre-crisis pricing, writes Craig McGlashan. Madrid and Aragon’s home runs paved the way for more now that the Tesoro has again tightened the spread over the sovereign at which the regions may print.

    31 Jan 2014

  • Sterling renaissance could mark strategic shift in funding teams

    With dollar funding again stymied, a banner performance in sterling underscored the UK currency’s increasingly strategic appeal to bond issuers, some bankers argued this week — highlighting a rise of almost £1bn in new issues compared with the same period last year. But others see little more than an opportunistic grab at basis swap arbitrage.

    31 Jan 2014

  • No goody new shoes

    I had a hole in the sole of my banker’s brogues which in this, the wettest January since records began, was another deterrent to walking out for a client lunch in the first month of the year. There are other deterrents, namely having no clients to speak of, the hardship of Subsistence Broking in Austerity Britain and the surrender of the asset class I (notionally) broke. With the January sales drawing to a close, however, it was now or never on the new scoobies front so I limped gingerly round to the shoe shop on the corner to confront the problem foot-on.

    31 Jan 2014

  • Aareal opens secret club with public five year

    German lender Aareal Bank brought a very private deal to the public markets this week, launching a five year senior unsecured club deal after foregoing the usual indications of interest and price guidance processes and opening books with the spread already set.

    31 Jan 2014

  • WL Bank wins over central banks with three year

    WL Bank priced the shortest fixed rate euro denominated covered bond of the year on Tuesday, at the tightest spread of any transaction since November 2012. Bankers off the deal questioned why any investor would pay such a tight price, while those on the deal said the cheap funding reflected the issuer’s high quality appeal.

    31 Jan 2014

  • Moves in Brief, 31 January

    Exotix appoints global head of loans — RenCap continues equity sales drive with VP hire

    31 Jan 2014

  • EM exit brings benefits

    It has been a trying week for emerging market bankers and issuers, but both fund flows and credit spreads indicate that it wasn’t a shocking one. And the flight from EM funds into the European periphery that has been underway for some time will benefit both markets.

    31 Jan 2014

  • Central bank interest makes Canadian dollars look sweet

    The European Investment Bank reopened the Canadian dollar market for SSAs on Wednesday, selling a five year benchmark. The widespread appeal of the deal, particularly to central banks, could encourage other issuers to turn their attention to the currency, according to syndicate bankers.

    31 Jan 2014

  • Israel’s B Com seeks euro, dollar HY debut

    B Communications, the holding company of Israeli telco Bezeq, wants to sell a $775m-equivalent high yield bond in euros and dollars.

    31 Jan 2014

  • Sberbank Europe 100bp all-in pricing well below expectations

    Sberbank Europe has priced its debut €400m one year deal at 100bp all-in. This is well below both lenders' expectations and the price its parent bank pays.

    31 Jan 2014

  • No 100 year euro plans for EDF

    After Electricité de France issued a 100 year dollar bond on Monday January 13 and the first ever 100 year sterling bond in a wildly successful £1.35bn sale on Friday January 17, Europe’s bond market has been thick with speculation about further century bond issues.

    31 Jan 2014

  • ČEZ exchangeable taps investors' demand for IG paper in Czech debut

    A €470.2m exchangeable bond from ČEZ, the first equity-linked transaction from the Czech Republic, saw a surge of demand from investors hungry for investment grade paper.

    31 Jan 2014

  • Banks should try anything to build capital — just don’t be boring

    With a slew of FIG ECM deals on the way, bank fundraisings — especially in southern Europe — need to be quick, or elegant, or they will die.

    31 Jan 2014

  • Comcel surprises with debut in unsure market after Santiago blowout

    Guatemalan mobile company Comcel sold $800m of seven year non-call four bonds on Thursday, defying the expectations of some LatAm syndicate bankers who believed that the market was not ready for new high yield borrowers.

    31 Jan 2014

  • Orange finds perfect break in EM storms for €2.8bn hybrid

    Orange, the former France Télécom, may not have felt luck was on its side on Thursday January 23. As it was about to begin the roadshow for its first hybrid capital issue, investor sentiment was soured by fear of an emerging markets meltdown.

    31 Jan 2014

  • Löwen Play gambles with refi, divi junk bond

    Löwen Play is the latest in a spate of gambling companies entering the high yield bond market. The German company, owned by Ardian — the former Axa Private Equity — is looking for €265m of floating rate notes.

    31 Jan 2014

  • Japanese buyers join euro investors eager for regional paper

    A pair of French regional issuers could soon join a German sub-sovereign in selling long-dated private placements in yen. Japanese investors are coming late to the party as the regions have already begun to extend their maturities.

    31 Jan 2014

  • Puma, HY/EM mix, shrugs off wobble

    Oil products company Puma Energy priced its debut high yield bond in line with guidance on Tuesday, relying on broad appeal to a varied investor base to overcome the sell-off in emerging market credits.

    31 Jan 2014

  • Softening pushes VW pricing wider as spreads converge

    Volkswagen priced its latest VCL auto lease securitization wider than both VCL deals it priced in 2013, as spreads between different programmes in the German auto ABS sector continued to converge.

    31 Jan 2014

  • Banco Popolare gets out first to beat periphery bank deluge

    Banco Popolare, Italy's fourth-largest bank, launched a €1.5bn capital raise late on January 24, looking to beat its rivals and seize on positive investor sentiment before the ECB's Asset Quality Review later in the year.

    31 Jan 2014

  • UK GBP4.75bn Mar 68 tap

    31 Jan 2014

  • Deutsche IB revenues fall as pay cuts bite

    Deutsche Bank cut pay and compensation at its investment bank by 23% in the fourth quarter, with senior management satisfied with progress made at the halfway point in the firm's broader streamlining plan, dubbed Strategy 2015+.

    31 Jan 2014

  • Italian borrowers snub EM volatility to issue longest covered bonds

    The covered bond market showed its mettle this week as two peripheral issuers spurned emerging market volatility to price large, long dated benchmarks which drew exceptional demand.

    31 Jan 2014

  • Regulators must act on ABS before it is too late

    When Mario Draghi said — for the second time— that the ECB would consider buying ABS to boost Europe’s economic prospects, everyone took note. Everyone, it seems, except Europe’s regulators, who have shown a reluctance to change their anti-securitization tack. It is time for them to swallow some pride and roll back the harshest securitization regulation — before it is too late.

    31 Jan 2014

  • UK DMO flooded with demand for linker sale

    Demand for the UK Debt Management Office’s last syndication of the fiscal year this week broke records. A re-opening of the 2068 index-linked Gilt attracted the largest ever book for a UK linker syndication.

    31 Jan 2014

  • Goldman and US Bancorp spring dollar surprise

    US banks braved volatile markets to continue to tap the dollar market this week, confounding predictions that the recent glut of FIG supply had run its course.

    31 Jan 2014

  • CM-CIC absorbs €1.5bn but manages to perform

    Core covered bond deals sized at €1.5bn have had mixed success so far this year. Tuesday’s five year from Crédit Mutuel CIC SFH was only moderately oversubscribed but was well placed, trading stably at end of the week.

    31 Jan 2014

  • Italian borrowers snub EM volatility to issue longest covered bonds

    The covered bond market showed its mettle this week as two peripheral issuers spurned emerging market volatility to price large, long dated benchmarks which drew exceptional demand.

    31 Jan 2014

  • Robust emerging markets swat away crisis fear after rout

    Despite emergency rate hikes by India, Turkey and South Africa aimed at stopping the rot that tore through emerging market credit and currencies this week, senior bankers and traders insisted that this was not the beginning of a full blown EM crisis. And with the rise in credit spreads far from catastrophic, a blowout deal for Kuwait Projects Company and a healthy pipeline to look forward to, the evidence seemed to stack up in their favour, at least for now.

    31 Jan 2014

  • Rate cuts could shrink commercial paper market

    The European Central Bank could cut its deposit rate to a negative number in the coming months, which will shrink the euro commercial paper market, according to dealers. But not all market participants agree.

    31 Jan 2014

  • Unitranche backs two mid-cap LBOs

    Alcentra has provided unitranche financing for the buyout of two European companies, as it continues its drive to lend to European midcaps.

    31 Jan 2014

  • Peso devaluation dashes Argentine issuance hopes

    A plunging Argentine peso has dashed hopes that Argentina could again become a source of cross-border bonds this year, said bankers and analysts.

    31 Jan 2014

  • Ken and the art of M&A cycle maintenance

    The prospect of an IPO of one of the vibrant new forces in M&A advisory is further evidence of the return of big-ticket business, writes David Rothnie.

    31 Jan 2014

  • Ardagh unveils new debt for Verallia buyout

    Ardagh Group has set out a new plan to finance its acquisition of Saint-Gobain's subsidiary Verallia North America, after a delay in winning approval for the deal forced it to cancel the first financing.

    31 Jan 2014

  • High-trigger deals going cheap, say analysts

    Investors are not charging issuers enough for the additional risk of high triggers for loss absorption in additional tier one and contingent capital deals, because supply is low and the coupons on these instruments are so enticing, FIG market participants said this week.

    31 Jan 2014

  • Fresenius back already for €300m 10yr

    High yield darling Fresenius was back in the market on Tuesday — after less than three weeks. The German healthcare company sold an increased €300m 10 year bond, which despite market flutters, traded up.

    31 Jan 2014

  • Community of Madrid

    31 Jan 2014

  • The Mumble: SSAs should play the long game in PPs

    With a spectacular January in the public markets behind them and much of the new year’s liquidity safely tucked away in some juicy deals, the smartest SSAs will dust off their medium term note programmes and start weighing up their private placement options. And — with investors sniffing around for anything with a whiff of yield — there are a multitude of opportunities for the issuers to push out their average maturities.

    31 Jan 2014

  • Hyundai and CredAg-CF go for private placements

    A pair of private placements kept supply ticking over in the primary securitization market this week. Hyundai Capital UK sold its first ever securitization of UK car loans, while Crédit Agricole’s consumer finance arm in the Netherlands sold a rare Dutch consumer loan ABS.

    31 Jan 2014

  • Metalloinvest denies rumoured facility

    Loans bankers in London are assessing the market for a possible pre-export finance facility for Russia's Metalloinvest, after relationship managers in Russia reported that the firm wanted to raise funds.

    31 Jan 2014

  • Housing associations find UK pension buyers for PPs

    Housing associations planning to sell privately placed bonds will not be short of demand, as UK pension funds are eager to invest, a spokesman for the industry has told EuroWeek.

    31 Jan 2014

  • EBA cracks down on capital call removal

    The European Banking Authority has confirmed that the removal of call options from legacy capital instruments will count as a new issue and that such bonds will only continue to be grandfathered during the transition into CRD 4 if they have five years or more remaining to maturity.

    31 Jan 2014

  • Investors go weak at the knees for Finnish 10 year

    The Republic of Finland brought the sole euro benchmark from a core European sovereign, supranational or agency this week, braving a falling euro swap rate to bring a long dated deal.

    31 Jan 2014

  • Leveraged loans — news in brief, January 31, 2014

    Patheon cuts margins - Bureau van Dijk launches refi - Scout24 trims €50m off LBO debt

    31 Jan 2014

  • Investment Grade syndicated loans-news in brief,January 31,2014

    Telefónica - Ferrovial - INPP - First Citizen Finance - AT&S

    31 Jan 2014

  • Ico delivers on Samurai return

    Instituto de Crédito Oficial has set another milestone in Spain’s route back to capital market normality, after printing the first Samurai from the country since April 2010.

    31 Jan 2014

  • Republic of Finland

    31 Jan 2014

  • Secondary activity slows but spreads stay mostly unmoved

    Trading activity in the secondary securitization market slowed this week as buyers and sellers went into wait-and-see mode because of volatility in credit markets. But spreads for bonds were unmoved, with traders saying a sell-off was unlikely.

    31 Jan 2014

  • Job done for Arqiva as £164m bond sells

    Arqiva, the UK broadcasting masts business, returned to the bond market on Wednesday for a bespoke £164m issue from its whole business securitization, which found ample demand, helped by a juicy new issue premium.

    31 Jan 2014

  • Czech EP Energy seeks holdco HY debut

    Czech energy utility EP Energy launched its first high yield bond through its holding company on Tuesday, despite a sell-off of emerging market bonds.

    31 Jan 2014

  • Opinion: No clouds in the sky for sukuk, just the usual January mist

    January may have been a wash out for Middle East bonds and sukuk issuers as well as the British public, but one of those groups still has every reason to hope that things will improve.

    31 Jan 2014

  • Funding Scorecard — Scandinavian agencies

    This week's scorecard features Scandinavian agencies, with Kommunalbanken and Municipality Finance getting their funding programmes off to a strong start over January. Next week's scorecard will provide updates on CEE sovereigns' funding.

    31 Jan 2014

  • Swiss market open for EM after Cabei

    The Central American Bank for Economic Integration (Cabei) defied a sell-off of emerging market debt on Tuesday to price a curve extending Swiss franc note. The trade’s success, despite other Latin American credits suffering a widening in spreads since January 24, offers a positive sign for further EM issuance in the currency.

    31 Jan 2014

  • MTN Leak: Luxury or budget?

    Would you rather live in a mansion or a horrible little flat? The answer is obvious, right? But UBS’s David Morland shocked Leak this week — he wants to live in a horrible little flat opposite a mansion.

    31 Jan 2014

  • ABN appeals with Kangaroo debut but others must wait

    ABN Amro sold its debut Kangaroo bond on Wednesday, the first from a FIG issuer this year. The issuer managed to more than double its target size, seizing on demand from Australia, Asia and Europe.

    31 Jan 2014

  • CM-CIC absorbs €1.5bn but manages to perform

    Core covered bond deals sized at €1.5bn have had mixed success so far this year. Tuesday’s five year from Crédit Mutuel CIC SFH was only moderately oversubscribed but was well placed, trading stably at end of the week.

    31 Jan 2014

  • Waiting for Spain

    January 2014 has had is similar amount of covered bond supply as this time last year, but redemptions and coupon payments have almost halved compared with 2013. The most deals have come from France and Italy, both up sharply from last year, while the largest decline in issuance has been in Spain, and to a lesser extent Germany and Norway.

    31 Jan 2014

  • Banks should try anything, as long as it’s not boring

    With a slew of FIG ECM deals on the way, bank fundraisings — especially in southern Europe — need to be quick, or elegant, or they will die.

    31 Jan 2014

  • Jaguar drives by for £400m

    Jaguar Land Rover drove by with an increased high yield bond on Tuesday. It attracted strong demand, allowing bookrunners to add £100m to the planned £300m eight year issue and price it tightly.

    31 Jan 2014

  • Equity Capital Markets, News in Brief —January 31, 2014

    Record revenues — Genmab — Prime Office REIT — North Atlantic — Espirito Santo Irmaos

    31 Jan 2014

  • Blocks to subside but IPOs finally arrive

    The first real stabs of volatility have hit secondary markets over the last week, which most bankers expect to continue over the coming days and to spike any hopes of overnight trades during the next week. But the long-promised IPO supply should begin to arrive at the beginning of February, with some of it coming from surprising names and sectors.

    31 Jan 2014

  • Turkish banks are still kings of the loan market – poll

    The loan market is at the mercy of Turkish financial institution borrowers when it comes to pricing, according to EuroWeek Loans' latest poll.

    31 Jan 2014

  • UniCredit opens MTN hub in London

    UniCredit has hired Konrad Merkofer and Anshuman Mehta as MTN dealers based in London. They are the first MTN bankers for UniCredit to be based in the city. They will supplement the team based in Munich.

    31 Jan 2014

  • Heathrow makes big saving via StormHarbour linker PP

    Heathrow Airport raised £200m of inflation-linked debt in December through a private placement arranged by StormHarbour, it was announced this week.

    31 Jan 2014

  • Telecom Italia calls hybrid stripped of equity credit, vows IG return

    Telecom Italia announced on Wednesday morning that it intended to call its €750m hybrid capital bond – the only one it has issued so far – after Moody’s stripped away the deal’s 50% equity credit last year.

    31 Jan 2014

  • Oando hopes to avoid repeat long slog with $1.5bn raise

    Oando, Nigeria's largest publicly quoted oil and gas firm, is seeking shareholder approval for a capital raise of up to N250bn ($1.52bn). Last year, the company struggled through a deal a fifth of the size.

    31 Jan 2014

  • Safestore reaches LTV target with capital raise

    Safestore, the UK self-storage facility provider, has reached its target loan to value ratio of 40% after completing a £32.5m capital raise on Thursday.

    31 Jan 2014

  • Secondary pricing update: featuring Spain's €10bn monster and Cades's largest dollar deal

    Read on to see how benchmarks priced in the first three weeks of the year are performing in the secondary market. Trading levels given are the bid-side spreads versus mid-swaps and/or an underlying benchmark bond as of Thursday's close. The source for secondary trading levels is Interactive Data.

    31 Jan 2014

  • Emerging Market syndicated loans-news in brief,Jan 31,2014

    Tenex - Credit Bank of Moscow - Akbank and ING Turkey - AccessBank - Ak Bars - Senegal

    31 Jan 2014

  • McColl's sets out shop for £50m London flotation

    UK convenience store group McColl’s hopes to raise £50m through a forthcoming IPO, which will see 50% of the company in free float on the main market of the London Stock Exchange.

    31 Jan 2014

  • Ziggo in market for biggest term loan ‘B' since financial crisis

    Dutch cable operator Ziggo has launched a €3.7bn-equivalent term loan ‘B’ to back its takeover by US counterpart Liberty Global, in a deal which bankers have called the largest leveraged loan to rely on institutional investors since the financial crisis.

    31 Jan 2014

  • Orange shines with $1.6bn senior in uneasy US market

    Orange struck a note of defiance on Thursday, as one of only two investment grade companies to issue a dollar bond. Other borrowers were held back by earnings blackouts or put off by volatile markets.

    31 Jan 2014

  • Banks hit Basel III ratios early, says Fitch

    The global systemically important banks (G-SIBs) have collectively met their Basel III capital requirements five years ahead of time, according to a report from Fitch Ratings.

    31 Jan 2014

  • Tool renter HSS on target with £200m HY

    HSS Hire, the UK tool and equipment hire business, priced its debut high yield bond on Wednesday, in line with guidance.

    31 Jan 2014

  • FMG closes senior stage of M&A loan

    Germany's Funke Mediengruppe has closed the senior syndication of €980m of loans supporting its acquisition of newspaper and magazine assets from fellow publisher Axel Springer.

    31 Jan 2014

  • National Grid goes solo for €300m tap

    National Grid, the UK electricity transmission company, was the only European investment grade company to issue a public bond in the European market on Tuesday. Its €300m tap was no show-stopper, but at least proved a price-sensitive issuer could get a deal done.

    31 Jan 2014

  • Linklaters joins HSBC on UK sukuk team

    The UK government has appointed law firm Linklaters to act as legal advisor to assist the UK Treasury in preparing for the country's debut sukuk.

    31 Jan 2014

  • MTN Leak: Luxury or budget?

    Would you rather live in a mansion or a horrible little flat? The answer is obvious, right? But UBS’s David Morland shocked Leak this week — he wants to live in a horrible little flat opposite a mansion.

    30 Jan 2014

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%