• Austria prints €4bn at skinny premium

    Austria priced a syndication on Tuesday at a level just 1.5bp over its secondaries. The deal marks Austria’s second venture into syndicated issuance this year, after a dual-tranched effort in May.

    31 Aug 2014

  • Emaar kicks off long awaited mall IPO

    Emaar Properties launched a long expected IPO of its mall unit on Monday, making it the first company to jump into what is expected to be a very busy autumn new issue market.

    31 Aug 2014

  • EIB hits long end with Ecoop while NRW mandates

    The European Investment Bank opened a September 2045 Ecoop on Monday — marking its longest dated syndication on its curve, while State of North-Rhine Westphalia mandated banks for a long 10 year note in euros.

    31 Aug 2014

  • ADIB expands consumer finance business but low margins mystify

    Abu Dhabi Islamic Bank (ADIB) concluded its purchase of Barclays’ UAE retail banking business on Monday. The acquisition’s impact on ADIB’s tier one ratio will be modest and helps increase the bank’s already strong footprint in consumer finance, although its margins in that market are surprisingly low, said one analyst.

    31 Aug 2014

  • Arcelik mandates for first Turkish corporate euro bond

    Arcelik, a Turkish home appliances and consumer electronics company, has mandated BNP Paribas, Citi and HSBC for a euro-denominated Reg S bond. The deal will mark the first ever bond in the currency for a Turkish corporate.

    31 Aug 2014

  • Spain goes for thrifty fifty with first ever ultra long deal

    Spain gave the average life of its debt a hefty shunt out the maturity curve on Monday, raising €1bn with a 50 year private placement — its longest dated deal since the introduction of the euro. But the sovereign has not finished with its supply ambitions for the week: it has more long dated Bonos available at auction on Thursday.

    31 Aug 2014

  • Investors expect Sharjah sukuk to price back of RAK

    The emirate of Sharjah will be ready to launch its debut sukuk next week after starting investor meetings on Wednesday. A Middle East market awash with liquidity will welcome the deal with open arms, but the issuer is still likely to offer a concession relative to the main comparable Ras Al-Khaimah, said one investor.

    31 Aug 2014

  • ADB set to extend Kanga curve with March 2025 deal

    Asian Development Bank has opened books on a curve extending March 2025 Kangaroo, in its second visit to the onshore Australian dollar market this year. Choosing the long 10 year maturity will allow the issuer to attract Japanese investors to taps of the deal over the next few months, said bankers.

    31 Aug 2014

  • Caixa’s Cédulas safe after Barclays acquisition

    Caixabank announced on Sunday that it had bought the Spanish operations of Barclays, subject to regulatory approval. The Cédulas cover pools are likely to be merged, but with the risk metrics of both being fairly similar, the rating impact should be neutral, said Credit Agricole analysts on Monday.

    31 Aug 2014

  • Deutsche Pfandbriefbank mandates

    Deutsche Pfandbriefbank has mandated leads for a three year Pfandbrief.

    31 Aug 2014

  • Primary bounce back expected

    Primary covered bond activity is likely to resume after a lacklustre August, up to eight deals are possible over the course of this month, said bankers.

    31 Aug 2014

  • Reciprocity matters

    Reciprocity creates risks that investors should give careful consideration to. Covered bond consultant Richard Kemmish, talks about these risks in reference to the new functionality of The Cover’s deal database, which maps the web of reciprocity.

    31 Aug 2014

  • IBA eyes GCC partnership for Islamic bank

    International Bank of Azerbaijan is looking at the possibility of setting up an Islamic banking unit in partnership with a Gulf Co-operation Council bank, an official at IBA told IFIS. And Azeri corporates could be ready to issue sukuk as early as 2015 as the country moves to finalise an Islamic banking law by the end of this year.

    31 Aug 2014

  • Emirates NBD sparks debate as it roadshows non-Basel III compliant bond

    Emirates NBD has announced a roadshow for a perpetual tier one bond. But the bond will not be structured with the aim of being Basel III complaint, which sparked debate among bankers on and off the deal.

    31 Aug 2014

  • Ocwen downgrade spurs need for better servicers

    Moody’s Investors Service downgraded Ocwen Loan Servicing's subprime and special servicer quality (SQ) assessments last Thursday. The move puts more pressure on banks to choose the right buyer when they offload loan servicing rights. At the same time, concerns persist over the capacity of fast-growing non-bank servicing firms and how that growth could weigh on the performance of mortgage collateral.

    29 Aug 2014

  • IRS volumes on SEFs decline, while USD dominates

    Interest rate swap trading on US swap execution facilities fell about 16% from June-to-July this year, with dollar trades dominating 61% of the market.

    29 Aug 2014

  • Transaction reporting under EMIR

    As pressures for timely reporting of OTC transactions mount on both sides of the pond, Ian Salmon of ITRS Group explores the challenges that this presents, while explaining why the sell-side requires a fresh approach to avoid heavy fines and reputational damage.

    29 Aug 2014

  • Funds re-enter hedges on Main

    Hedge funds and real money desks were seen re-entering hedges on iTraxx Main in a week when flow in credit options was dominated by sellers of volatility across indices, especially on out-of-the-money strikes.

    29 Aug 2014

  • A2Dominion aims to satisfy demand for ethical bonds

    A2Dominion, the UK housing association, has announced a three day roadshow for a possible unsecured, retail-eligible bond.

    29 Aug 2014

  • Travis Perkins plans bond debut with sterling benchmark

    Travis Perkins, the UK building materials supplier, plans to launch what is believed to be its first public bond, with a benchmark sterling deal rated BB+ by Standard & Poor’s.

    29 Aug 2014

  • Haitong returns to dollars, adds credit rating

    Haitong International Securities Group will be meeting investors for what could be the first borrower’s first bond with a credit rating. The Hong Kong borrower made its international debut in October 2013 when it printed a $900m five year.

    29 Aug 2014

  • FDI into Thailand to enjoy fourth quarter bump

    The country’s foreign direct investment is poised to jump from meagre totals in the last three months of the year, largely due to political bottlenecks finally being resolved by the military government.

    29 Aug 2014

  • Canada launches new North America RMB trade hub initiative

    Canada is stepping up its efforts to promote itself as a new renminbi trading hub and secure a leading position in RMB settlement in the Americas. The Toronto Financial Services Alliance (TFSA) and AdvantageBC, a lobby group for British Columbia, said this week that they are working with officials from the federal and provincial governments, as well as the financial industry, to put the country on the RMB map.

    29 Aug 2014

  • HSBC, BlackRock take biggest RQFII quotas in August's Rmb21bn

    China's State Administration for Foreign Exchange (Safe) approved Rmb21bn ($3.4bn) of new Renminbi Qualified Foreign Institutional Investor (RQFII) quotas in August, according to data just published by Safe. Of the 18 entities receiving quotas, nine were getting their first, including UK arms of HSBC and BlackRock, who got the two biggest approvals of the latest batch.

    29 Aug 2014

  • Oceanwide markets 5 year dollar bond

    China Oceanwide Holdings Group is expected to issue a five year bond to finance an acquisition of land in Los Angeles according to an investor who met the company last week.

    29 Aug 2014

  • Chinese HY pipeline builds with West China Cement

    West China Cement will meet investors in Asia and Europe for a new dollar offering starting next week. The borrower is looking to raise money to redeem its existing bonds.

    29 Aug 2014

  • Sumatec eyes $291m rights issue to fund acquisition

    Malaysia’s Sumatec Resources is planning to raise MR919m ($291m) from a one for two rights issue to fund its acquisition of Borneo Energy Oil and Gas, the company announced on August 28.

    29 Aug 2014

  • Qilu looks to make first international foray via CNH

    Qilu International Capital is seeking to make a debut in international bond markets. The Hong Kong-based securities house will be meeting investors next week for a proposed dim sum issue.

    29 Aug 2014

  • Westpac hires Chan to head North Asia syndications

    Westpac’s Asia operations have got another boost with the appointment of Eric Chan as head of syndications, North Asia. The move comes in line with Westpac’s strategy to strengthen its business outside Australia and follows a string of senior hires at its Hong Kong branch earlier this year.

    29 Aug 2014

  • Hony Capital takes home $528m from CSPC placement

    Chinese private equity firm Hony Capital sold a HK$4.095bn ($528m) stake in CSPC Pharmaceutical Group on August 28 by pricing at the bottom of guidance in what was its fourth stake reduction in the company in 16 months.

    29 Aug 2014

  • New Taiwan RMB benchmark rate steps up competition with HK

    Taiwan is to introduce a local benchmark interbank rate denominated in renminbi, effective from 1 September. The move aims to further expand RMB business in Taiwan as local RMB deposits continue to accumulate, the central bank of Taiwan said on August 28. It could also begin to erode Hong Kong's dominant position.

    29 Aug 2014

  • Malaysia takes a leap and goes green with sukuk

    Malaysia’s Securities Commission Malaysia (SC) has introduced a sustainable and responsible investment (SRI) sukuk framework to help create investment initiatives, in what practitioners hope will be a major development in the Islamic finance.

    28 Aug 2014

  • South Africa gets sukuk ball rolling as flurry of sovereigns expected

    The Republic of South Africa has scheduled investor meetings in September for its debut international sukuk, bringing closer to reality its plans to be among an expected flurry of deals before the end of the year.

    28 Aug 2014

  • Pfandbrief market in ‘flux’ as banks scramble for buyers

    The Pfandbrief market is in a state of flux with as many as five mortgage lenders looking to be sold to new owners. But the fact Düsseldorfer Hypothekenbank has managed to find a buyer, despite Fitch’s assertion earlier this week that the German mortgage bank model was under severe pressure, shows that it’s possible for such institutions to attract interesting bids.

    28 Aug 2014

  • Funding scorecard: European supranationals and agencies

    This week's scorecard features updates on the progess of selected European supranationals and agencies through their funding targets for the year. Read on to find out where borrowers stand as several returned to benchmark issuance this week after the summer lull.

    28 Aug 2014

  • Covered bonds power through Ukraine crisis as liquidity fest looms

    European covered bonds extended their good run of solid trading with decent buying of the weakest names reported on Friday, in stark contrast to subordinated debt. Though traders and investors have been more unsettled of late following news of an escalation in military tensions in Ukraine, covered bonds have proved their mettle as investors factor in an expected surfeit of central bank liquidity and an even more favourable regulatory environment.

    28 Aug 2014

  • Secondary pricing update: including ADB, EFSF and World Bank

    Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

    28 Aug 2014

  • Ziraat to unveil plan for Islamic banking business

    Turkish state owned bank Ziraat is set to unveil plans to launch an Islamic banking business in the coming days, according to a spokesperson at the bank.

    28 Aug 2014

  • Unédic raises €1.5bn at the tight end

    Unédic on Friday became the third issuer this week to sell an oversubscribed benchmark in euros. The agency priced an eight year deal that attracted enough demand to be increased from the initial target size despite being priced at the tight end of initial price thoughts.

    28 Aug 2014

  • Sceptics out in force as HK steps closer to debut sukuk

    Hong Kong took another step towards its long awaited debut sukuk issue on Thursday, announcing roadshow dates for the proposed dollar deal. The transaction is the first step in the financial centre’s bid to establish itself as a regional Islamic financing hub. But scepticism of the plan and its chances of success remains high.

    28 Aug 2014

  • Turkiye Finans taps local market for ijara sukuk

    Turkish participation bank Turkiye Finans has tapped the country’s domestic market and sold TL139m ($64.3m) of six-month sukuk, it’s second ever issue at that tenor, according to an official at the bank.

    28 Aug 2014

  • EIB opens new line on crowded ZAR curve

    European Investment Bank printed a six year bond in South African rand this week, which bankers on the deal expect to be increased over the coming days and weeks.

    28 Aug 2014

  • Bahrain sets roadshow dates for long dollar bond

    The Kingdom of Bahrain has mandated Citi, Gulf International Bank, Mitsubishi UFJ and Standard Chartered Bank to arrange a long dated benchmark Reg S/144A dollar bond.

    28 Aug 2014

  • Protecting the brand

    BES again demonstrated, covered bonds survive, whether it be by the resolution directive or by the support of regulators for the covered bond brand. Richard Kemmish writes about the importance of brand recognition in covered bonds.

    28 Aug 2014

  • FMSW USD1.5bn 1.125% Sep 17

    28 Aug 2014

  • Finland EUR4bn 0.375% Sep 20

    28 Aug 2014

  • EIB USD3bn 2.125% Oct 21

    28 Aug 2014

  • BNG EUR1bn 1.125% Sep 24

    28 Aug 2014

  • SEFs call on CFTC to extend data reporting relief

    A recent no-action letter from the US Commodity Futures Trading Commission that provided swap execution facilities relief from certain data reporting requirements for uncleared derivatives should be extended to cleared contracts.

    28 Aug 2014

  • Deutsche Bank hires BAML equity chief

    John O’Brien, former managing director and head of New York derivatives sales at Bank of America Merrill Lynch, started at Deutsche Bank this week.

    28 Aug 2014

  • ICMA revamps sovereign default rules

    The International Capital Market Association is releasing revised and updated collective action clauses (CACs) to deal with defaults for syndications not already subject to the euro area model collective action clauses introduced in January 2013. The documentation includes for the first time a standard pari passu clause in a move intended to allow for a more predictable process in sovereign debt restructurings.

    28 Aug 2014

  • Russian loan club defies events — for now

    The efforts of six or seven European banks to keep the Russian loan markets afloat, despite a worsening outlook, were rewarded this week: Gazprom Neft requested bank proposals on a new five year money loan. But normalisation is further off than ever.

    28 Aug 2014

  • Ramírez NY plan gives Sidetur holders hope

    The Venezuelan vice president for the economy, oil and mines minister, and president of oil company PDVSA is planning to meet investors in New York in September in a trip that some hope will shed some light on the next step for steel company Sidetur. The firm defaulted on its bonds a year ago.

    28 Aug 2014

  • Lending Club IPO revives peer-to-peer securitization debate

    Lending Club announced a $500m initial public offering on Wednesday, sparking renewed speculation over how the company’s peer-to-peer lending assets could be acquired by banks and securitized.

    28 Aug 2014

  • Brazil’s GOL cruises to stable outlook with new LM

    Standard & Poor’s removed Brazilian low cost airline GOL from negative outlook after the company announced its second bond tender of the quarter on Tuesday. GOL is aiming to buy back dollar bonds maturing in 2017, 2020 and 2023.

    28 Aug 2014

  • Leak: Lost in Iceland

    With the English summer already over and the sweltering weather apparently gone, reports are coming in that MTN aficionados decided to chase the Mediterranean climate, but got lost. The bankers seem to have collectively got on the wrong flight. As you read this they find themselves in Iceland.

    28 Aug 2014

  • CLO issuance continues apace as risk retention nears

    New CLOs continued to hit the US market this week even as issuance of other securitized products slumbered — and that will only continue next week after Labor Day, as regulators turn their attention to risk retention rules after passing Reg AB II on Wednesday.

    28 Aug 2014

  • Bankers to woo investors as niche redemptions loom

    Local currency bankers are working hard to win business in an expected a flurry of niche activity over the coming weeks with big ticket redemptions in non-core currencies on the horizon.

    28 Aug 2014

  • ECB to print euros for Christmas

    European Central Bank president Mario Draghi’s admission last week that inflation expectations are not well anchored has bolstered the prospects for a quantitative easing (QE) programme. But what to buy remains the thorny question.

    28 Aug 2014

  • Magnificent seven keep Russian loans alive

    The deepening crisis between Russia and Ukraine escalated further this week and talks at the Minsk summit achieved little. But despite the lengthening odds, new Russian loan deals are still coming through and six – or possibly seven – European banks are widely held to be working hard to keep the market going.

    28 Aug 2014

  • UBS EUR1.5bn FRN Sep 16, EUR1.5bn 1.25% Sep 21

    28 Aug 2014

  • Renten and KBN join hot Kauri market

    Rentenbank was this week the latest supranational or agency to take advantage of the scorching popularity of the Kiwi dollar market, pricing its second tap of a March 2019 Kauri bond, with books closing at double its minimum target. The deal follows Kommunalbanken’s increase of its own March 2019 Kauri line and caps a busy month for Kauri, including African Development Bank’s first in the format in six years.

    28 Aug 2014

  • Autos could go private to avoid enhanced disclosure

    After the SEC approved loan-level disclosure rules for public transactions, auto lenders may be pushed towards issuing their ABS deals in the private market, said analysts this week. The shift could come even as the sector comes under increased regulatory scrutiny.

    28 Aug 2014

  • Bankers brace for ABS buying as BlackRock joins ECB team

    The European Central Bank took a big step closer to launching outright European securitization purchases this week as it hired BlackRock to help design the long-awaited plan. But ABS bankers are warning it will take time for a depleted investor pool to grow sufficiently to support president Mario Draghi’s ultimate goal of delivering more funding to the continent’s smaller companies.

    28 Aug 2014

  • UK mortgages down but lenders preparing RMBS

    Restrictions on UK mortgage lending introduced in April are having a cooling effect on the housing market, according to figures from the British Banking Association. But with mortgage approvals still up 12% year-on-year, UK lenders — including a potential debut issuer — will have plenty of assets to hand for an anticipated return to RMBS next month.

    28 Aug 2014

  • BMW’s bold €1.75bn opens new phase of minuscule coupons

    BMW reopened the European benchmark investment grade corporate bond new issue market on Tuesday with a punchy €1.75bn deal that sent a strong signal: spreads — and especially yields — for corporate issuers are set for a very tight autumn. BMW paid a coupon of just 0.5% on its €1bn four year tranche. But despite these pitifully thin yields, investors are eager to buy.

    28 Aug 2014

  • Upstart UBS threatens CS’s home market hegemony

    Zurich based debt bankers are preparing for an exciting close to the year, with September set to bring a four month race between the Swiss franc market’s two top dogs as perpetual bridesmaid UBS threatens to take the top spot for the first time since the 1990s.

    28 Aug 2014

  • CBA heads for size increase as RMBS orders top A$3bn

    Commonwealth Bank of Australia may print more than the A$1bn original size indicated for its Medallion Trust Series 2014-2 RMBS transaction after having the deal covered three times over by Thursday morning in London. The price guidance is 10p inside the level of the bank’s last deal, as RMBS funding continues to cheapen for Australian banks.

    28 Aug 2014

  • FCA says just 1.2% of RBS mortgage advice sound

    The Financial Conduct Authority fined Royal Bank of Scotland just under £15m this week for “serious failings” in its advised mortgage sales business, saying that only two of the 164 sales reviewed were considered to meet the regulator’s standard.

    28 Aug 2014

  • Unédic mandates in euros as issuers bask in demand after summer lull

    Unédic is set to become the third issuer this week to bring a euro benchmark after the summer, having mandated a deal for Friday following deals for Finland and Bank Nederlandse Gemeenten (BNG) earlier in the week.

    28 Aug 2014

  • Loan banks woo Kazakhs as Kazakhmys leads talks

    Kazakhstan mining firm Kazakhmys is in talks with banks about refinancing loans, with officials saying the borrower is one of three Kazakh firms holding such discussions.

    28 Aug 2014

  • Vitol breaks summer lull, launching $5.5bn revolver to lenders

    Commodity trading company Vitol has launched a global revolving credit facility of about $5.5bn to replace outstanding loans.

    28 Aug 2014

  • Vakifbank adds to Turkish wave

    September looks set to field a rush of Turkish bank loans, with Vakifbank adding its name to the institutions already in the market for the year’s second wave of refinancings.

    28 Aug 2014

  • Whopper Burger King deal sparks C$ options trading

    Investors have been buying short-dated options on the euro and US dollar against the Canadian dollar, as the Canadian unit has continued to strengthen over recent days following the announcement that Burger King will buy Canadian fast food chain Tim Hortons.

    28 Aug 2014

  • Africa won’t make up for loss of Russian loans

    The international Russian syndicated loan market is in dreadful shape, as relations between Russia and the west plumb new depths. Lending banks are trying to reorient their personnel and capital to other regions — Africa and the Middle East are natural places to turn. But while they could be promising areas of growth in the future, banks should be wary of quick fixes.

    28 Aug 2014

  • FIG bankers fret over Yankee issuance

    US FIG syndicate bankers are gearing up for a busy September but fear that the onset of the European Central Bank’s Targeted Longer Term Refinancing Operations (TLTROs) will dent issuance from Yankee borrowers.

    28 Aug 2014

  • LSE launches Russell funding rights issue at tight discount

    London Stock Exchange Group launched a £938m rights issue last Friday that will fund its previously announced acquisition of index services firm Frank Russell Company. The deal came alongside the LSE's results, which showed surging profits on the back of record IPO volumes.

    28 Aug 2014

  • HY’s return to inflows cheers levfin bankers

    Bankers have welcomed a revival of investor appetite for high yield bonds, after inflows to high yield funds in Europe resumed last week, raising hopes of a more supportive market for issuers in September.

    28 Aug 2014

  • M&A to drive Europe corporate bond issuance as deals mount

    Mergers and acquisitions are set to be an important driver of corporate bond issuance this autumn. Deal mandates are already building up — in fact, M&A is the driver for virtually all the deals that have yet appeared in Europe’s corporate bond pipeline this season.

    28 Aug 2014

  • EIB enhances its first German project bond

    Via Solutions Nord has issued a €429m private placement as part of the funding for a €600m extension of the A7 motorway in northern Germany.

    28 Aug 2014

  • Equity capital markets, news in brief — August 29, 2014

    Deceuninck — Bank of Cyprus — OCI — JW Construction Holding — Telefónica — Atlas Mara

    28 Aug 2014

  • Leveraged loans, news in brief - 29 August, 2014

    Spire Healthcare refis debt - Douglas Holding sole August borrower

    28 Aug 2014

  • AFD to meet investors before potential climate bond debut

    Agence Française de Développement has hired banks to arrange a string of investor meetings in Europe before a potential debut climate bond in euros.

    28 Aug 2014

  • Eurozone sovereigns in race to escape escalating Ukraine crisis

    Senior SSA bankers have named the Russia-Ukraine crisis as the one thing that could disrupt the issuance plans of the eurozone’s peripheral sovereigns. As Ukraine on Thursday accused Russia of marching troops into its territory, core eurozone bond yields rallied away from their peripheral cousins leaving market participants hoping that Greece, Portugal and Spain would complete their remaining funding before things got any worse.

    28 Aug 2014

  • Svenska sets stage for booming September in Samurai

    Svenska Handelsbanken prefaced what is expected to be a busy September for Samurai issuance on Thursday. The issuer drew an oversubscribed book for a five tranche deal, with more deals expected to follow as issuers look to take advantage of a favourable basis swap.

    28 Aug 2014

  • BNS prepares to issue SEC covered bond

    Nearly a year after registering its covered bond programme with the US Securities and Exchange Commission, Canadian issuer Bank of Nova Scotia filed its prospectus. The move could well be a precursor to a dollar benchmark issue, of which there have been only two so far this year.

    28 Aug 2014

  • Covered bond funding decisions deferred

    Few covered bond issuers are rushing to bring the first deal of September, traditionally one of the busiest issuance periods of the year. There are an unusually high number of regulatory and macroeconomic factors to consider this year, making a slow start likely.

    28 Aug 2014

  • Kanga market to keep hopping after BAML print

    Bank of America Merrill Lynch built on a strong run in Australian dollars on Wednesday, drawing an oversubscribed order book for a 5.5 year print. The strength of demand for the deal — along with other recent deals from FIG issuers in the currency — suggests that appetite from domestic investors for further deals remains robust.

    28 Aug 2014

  • Latin bond market ready and waiting for September revival

    Latin American markets once again proved their resilience to events elsewhere in emerging markets as the rally in the LatAm debt maintained momentum, leaving bankers positive that issuers will be able to enjoy welcoming conditions when new issue activity reignites in September.

    28 Aug 2014

  • UBS reopens senior euro market with chunky book

    UBS sold the first euro denominated senior unsecured new issue from a bank since July on Wednesday afternoon, a dual tranche print. The issuer drew in a bumper order book with what bankers away from the deal described as generous new issue premiums before tightening the spreads in to price in line with fair value.

    28 Aug 2014

  • Turkey markets Samurai in record yen year

    The Republic of Turkey has mandated four banks and scheduled investor meetings for next week with a view to selling a Samurai bond. The market is on the verge of a record year, with Samurai issuance already almost level with the full year 2013.

    28 Aug 2014

  • Imtech launches €600m rights, year after similar rescue deal

    Dutch engineering firm Royal Imtech said on Tuesday that it would cut jobs and launch a €600m rights issue, just over a year after it needed a similarly sized capital increase to rescue the company.

    28 Aug 2014

  • US bonds eye big September after UST rally

    The US corporate bond market is set to bound out of bed after its summer slumber next week, as merger and acquisition financings and a slew of deals from opportunistic borrowers stuff what is expected to be a bumper month of issuance.

    28 Aug 2014

  • Ghana plans LM exercise alongside new bond

    Ghana is expected to undertake a liability management exercise on its $750m 8.5% 2017s alongside a new Eurobond it is planning for September, said a banker away from the deal.

    28 Aug 2014

  • CBs to price through swaps if QE comes

    European inflation, as well as expectations of inflation, is continuing to fall, and the European Central Bank is likely to announce a quantitative easing (QE) programme in December, economists told GlobalCapital on Thursday. With core eurozone yields set to tumble ever further, the allocation of real money demand to the currency bloc’s periphery will accelerate and pricing of core covered bonds could become established at sub-Euribor levels.

    28 Aug 2014

  • Seven-year swap future popularity spikes, Eris says

    Eris exchange has seen increased popularity in its seven-year standard swap futures contract, as firms look for ways to avoid the swap execution facility mandate for packaged trades under Dodd-Frank.

    28 Aug 2014

  • Bankers bay for more as AT1 deals hit screens but warn it will be no cakewalk this time

    The additional tier one deal pipeline may have shuddered back into life earlier than expected this week as two banks announced roadshows following a rally inspired by inspired by dovish comments from European Central Bank president Mario Draghi. But volatility has since set back into the market and looks ready to test the asset class’s hardiness, writes Graham Bippart.

    28 Aug 2014

  • South Africa gets sukuk ball rolling as flurry of sovereigns expected

    The Republic of South Africa has scheduled investor meetings in September for its debut international sukuk, bringing closer to reality its plans to be among an expected flurry of deals before the end of the year.

    28 Aug 2014

  • SSAs roar into action in dollars as investors clamour for paper

    The supranational and agency issuers that reopened benchmark issuance in dollars this week enjoyed strong demand as investors starved of supply scrambled to put their cash to work.

    28 Aug 2014

  • Volvo nips back with tight €350m FRN

    Volvo was the only corporate borrower to issue a bond in euros last week. On Thursday this week, it sold another one, confounding expectations in some quarters that last week’s €300m tap would be the last of its funding this year.

    28 Aug 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%