• Covered bond issuers await Draghi

    Several covered bond issuers have been marketing deals and are ready to launch, but they are unlikely to press ahead until next week at the earliest. In the meantime, they will be closely watching markets on Thursday when the European Central Bank governor Mario Draghi is expected to reveal details of the third covered bond purchase programme (CBPP3).

    30 Sep 2014

  • Airlines eye ECA backing for sukuk as Flydubai builds banking group

    UAE based low cost airline Flydubai is working with a group of banks on a sukuk deal, and several other airlines are considering sukuk sales with Export Credit Agency (ECA) backing, a senior debt banker told IFIS. But structuring ECA-backed sukuk involves extra layers of complexity that could exclude all but the most determined borrower.

    30 Sep 2014

  • GE likely to let sukuk expire

    General Electric will not issue a new sukuk when its outstanding debut deal matures in November, according to bankers familiar with the issuer’s plans.

    30 Sep 2014

  • Covered bond harmonisation has real teeth

    Harmonising covered bond standards tends to make eyes glaze over. The myriad of different regimes and labyrinth of technicalities involved can seem baffling and trivial. But it would be a mistake to believe the project is an open-ended soft option that will never really happen. Harmonisation will materialise and progress will be monitored, suggesting everyone needs to be up to speed.

    30 Sep 2014

  • Walsh leaves RBS

    Jez Walsh has left Royal Bank of Scotland where he had been in charge of covered bond syndication for 15 years. His departure follows a string of high profile exits from RBS’ covered bond team including Allen Rad, Christoph Anhamm, Frank Will and Jason Wolfe.

    30 Sep 2014

  • 40% of ECB spread compression is still to come, says BNPIP’s Lamy

    Arnaud-Guilhem Lamy, a portfolio manager within the euro sovereign and aggregate fixed income team at BNP Paribas Investment Partners (AuM: €32.5bn), speaks to The Cover in a podcast interview about how he is adapting his investment strategy in response to the European Central Bank’s (ECB) third covered bond purchase programme (CBPP3).

    30 Sep 2014

  • Investment performance hard with covereds, says Axa IM’s Froschauer

    Alexander Froschauer, head of German fixed income Germany at Axa Investment Managers (covered bond AuM: €70-€80bn), speaks to The Cover in a podcast interview about the dual challenge of investment and asset liability management in the current fixed income environment.

    30 Sep 2014

  • Hypo Tyrol makes up for size with spread

    Austrian lender Hypo Tyrol issued its first publicly distributed deal on Wednesday, pricing a sub benchmark sized €300m public sector Pfandbrief. The transaction’s smaller than usual size meant it was not eligible for the covered bond indices, which deterred large investors. However, investors were compensated for the less liquid size with a wider than usual spread.

    30 Sep 2014

  • ECB purchases likely to start November, last four years

    The European Central Bank’s purchases of ABS and covered bonds may start next month and last four years.

    30 Sep 2014

  • Exceed debuts structured note-based equity indices

    New York-based financial boutique Exceed Investments is looking to launch a set of defined-outcome indexes based on structured investments that will give exposure to the S&P500.

    30 Sep 2014

  • JPM RMBS deal prone to payment shock, say market participants

    JP Morgan Mortgage Trust’s planned $483.56m jumbo RMBS issue is backed entirely by adjustable rate mortgages. The deal has raised concerns over the potential for payment shock to cause defaults in the loans.

    30 Sep 2014

  • FSB: FX fixing window should be widened to reduce manipulations

    The Foreign Exchange Benchmarks Group has recommended the fixing window used to calculate FX rates should be widened from its current width of one minute, following its review of major FX benchmarks on the back of allegations that FX fixing rates were being manipulated.

    30 Sep 2014

  • CDS notional climbs for fourth consecutive week

    Overall credit default swap notional reported to swap data repositories last week increased marginally by 4% from the previous week, according to data from the International Swaps and Derivatives Association. This follows three weeks of a consistent uptick in CDS notional, with a combined increase of 98%.

    30 Sep 2014

  • MBS issuers are limiting their Reg AB II liabilities

    Loan level disclosure requirements under the recently finalised Reg AB II rules have encouraged more indemnification provisions to be standardised, meaning MBS issuers will be less prone to standoffs with originators over representations and warranties.

    30 Sep 2014

  • New definitions see contract basis open up on financial CDS

    Significant basis has opened up between 2003 and the new 2014 credit default swap contracts on sovereign and financial names, just a week after new CDS definitions came into effect on September 22.

    30 Sep 2014

  • Covered bond harmonisation has real teeth

    Harmonising covered bond standards tends to make eyes glaze over. The myriad different regimes and labyrinth of technicalities involved, can seem baffling and trivial. But it would be a mistake to believe the project is an open-ended soft option that will never really happen.

    30 Sep 2014

  • How to turbocharge green bonds

    For the green bond market to flourish, it must be fully viable and survive without public sector support. But governments in developed countries have a clear deadline by which they have to make serious cuts to emissions and raise serious funds to help developing countries do the same — so any support to the burgeoning market in that time should be palatable.

    30 Sep 2014

  • CDS notional climbs for fourth consecutive week

    Overall credit default swap notional reported to swap data repositories last week increased marginally by 4% from the previous week, according to data from the International Swaps and Derivatives Association. This follows three weeks of a consistent uptick in CDS notional, with a combined increase of 98%.

    30 Sep 2014

  • Safe Wesfarmers grows bond to €600m in turbulent market

    Wesfarmers, the diversified Australian retail, chemicals, energy and insurance group, attracted a €1.2bn book for its seven year bond on Tuesday, allowing it to increase the size from an expected €500m to €600m while still paying a new issue premium of 5bp or less.

    30 Sep 2014

  • No move on Russian sanctions at EU ambassadors' meeting

    A meeting of European Union ambassadors in Brussels on Tuesday to discuss the eastern Ukraine crisis has concluded without officials seeking changes on sanctions against Russia. But, contrary to various reports elsewhere, the meeting had no brief to make such a call on sanctions in any case and a date to do so has not been set.

    30 Sep 2014

  • Don't be afraid of accountability: Make bank complaints public

    The Consumer Financial Protection Bureau wants to make written complaints public on its online consumer complaints database. Unsurprisingly, the Mortgage Bankers Association objects. But when online customer reviews have empowered consumers in other sectors, why should the banking industry get special treatment?

    30 Sep 2014

  • Attention heaped on Zalando despite bigger peers' plans

    German online retailer Zalando completed a heavily oversubscribed IPO on Tuesday, finding strong demand despite competing for attention with much bigger peers.

    30 Sep 2014

  • Lindorff lands €255m revolver

    Norwegian debt collector Lindorff has syndicated a €255m five and a half year revolving credit facility that will support its buyout by Nordic Capital.

    30 Sep 2014

  • Enterprise Inns aims to price £200m bond in tough market

    Enterprise Inns expects to price £200m of 2023 notes on Tuesday, even as market participants begin to question the strength of the sterling high yield bond market following the collapse of UK phone retailer Phones 4U, and the recent struggles of primary issuance in the currency.

    30 Sep 2014

  • RBS lays out loan markets structure for EMEA

    RBS has laid out plans for its European loans business, outlining the management structure working for head of loan markets and client management Dave Rome.

    30 Sep 2014

  • Big week for CMBS as Westfield relaunch follows Tulip pricing

    Crédit Agricole and Deutsche Bank on Tuesday relaunched the £750m Westfield CMBS they were forced to pull in the summer amid poor demand and regulatory concerns, the morning after Deutsche Bank priced the first multi-loan and multi-sponsor Dutch CMBS since the crisis.

    30 Sep 2014

  • AT1 set for a breather as prices plummet

    A combination of third quarter blackouts, the European Central Bank’s asset quality review and a torrid time in trading means that the additional tier one market looks likely to take an extended hiatus over the next few weeks.

    30 Sep 2014

  • German cable firm hopes familiarity breeds demand, not contempt, for IPO

    German cable firm Tele Columbus launched an IPO on Tuesday, hoping that another deal from the sector after what has been a busy year for cable will help rather than hinder the flotation.

    30 Sep 2014

  • Bank of Oman launches debut in rocky market

    The National Bank of Oman launched its debut offering on Tuesday morning. Market conditions have been less than ideal for the issuer, which opened books in a risk averse market.

    30 Sep 2014

  • S&P takes axe to sub debt

    Standard & Poor's announced on Monday that it has downgraded almost 90% of the sub debt it rates issued by European financials, responding to increased risk of coupon deferral and bail-in.

    30 Sep 2014

  • Luxembourg lands twice subscribed sukuk

    Leads on Luxembourg’s debut sukuk will price the deal on Tuesday afternoon, after attracting a satisfying €500m in orders from high quality accounts, said bankers on the deal.

    30 Sep 2014

  • Synthos sell-off could have lasting impact, say bankers

    Polish corporate Synthos has taken a hit in the secondary market and is trading two and a quarter cash points down from reoffer. Critics attacked the deal execution and warned that the trade may hurt future Polish corporates wanting to access the market. But bankers on the deal defended the sale and said the issuer had set a very ambitious price target.

    30 Sep 2014

  • Norma Group puts together €150m refinancing loan

    Norma Group, the German engineering company specialising in pipe fixings and connectors, has agreed a €100m term loan and €50m revolving credit facility. It will use the money to pay back the rest of its bank loans signed in 2011, which were due in 2016.

    30 Sep 2014

  • ADB exits India’s Petronet with $117m block

    Asian Development Bank has sold its entire stake in India’s Petronet LNG through a Rp7.14bn ($117m) block that priced on the morning of September 26, leading to the company’s share price taking a hit when trading began.

    30 Sep 2014

  • Irish property recovery buoys RBS

    Recovering Irish residential property prices will yield Royal Bank of Scotland’s Ulster Bank division £300m of net impairment provision releases in the third quarter of 2014, the UK banking group said in a trading performance update to the market on Tuesday.

    30 Sep 2014

  • Have we reached the tipping point?

    by Heike Reichelt, head of investor relations and new products, The World Bank

    30 Sep 2014

  • Ahli Bank doubles debut loan to $200m on oversubscription

    Qatar’s Ahli Bank has closed a $200m debut syndicated term loan facility, increasing the size of the deal after its initial amount was oversubscribed.

    30 Sep 2014

  • SBLC ramps up demand for Huatai’s debut

    Huatai Securities completed its inaugural dollar issue on Thursday, September 25, selling a $400m credit enhanced five year bond. Despite less than ideal market conditions, the borrower’s decision to follow in the footsteps of other Chinese financial names that have debuted with a structure backed by a standby letter of credit (SBLC) helped it gain a strong following.

    30 Sep 2014

  • Samsung SDS thinks big as it files for $1.1bn IPO

    Samsung SDS has filed for its long awaited IPO and is looking to raise as much as W1.2tr ($1.1bn) at the top end of the range. At that size it would be the biggest IPO in South Korea since 2010.

    30 Sep 2014

  • HCP Global sounding out Taiwanese lenders for new loan after US miss

    Cosmetics packaging company HCP Global, which pulled a US targeted loan of $380m in August, is now approaching Taiwanese lenders for another fundraising that will have the same use of proceeds as the stalled deal.

    30 Sep 2014

  • RHB on target as it squeezes through tight window

    Malaysia’s RHB Bank returned to the dollar bond market by pricing a $300m five year on September 29 following a two year absence. The decision to tap the market during a volatile week was a surprise to many, but the bank was still able to meet its aggressive target.

    30 Sep 2014

  • Naver shareholder makes $267m through block sale

    A shareholder in South Korean company Naver Corp has raised W287.7bn ($267m) by selling a chunk of his shares in the tech group, in a deal that was launched fully covered and allowed the lead to exercise a greenshoe option.

    30 Sep 2014

  • CGN follows subsidiary, fires up $2bn HK listing

    CGN Power is set to tap the market in the wake of the successful pricing of a Hong Kong IPO for its subsidiary CGN Meiya Power Holdings. The company has started investor education ahead of a planned $2bn listing.

    30 Sep 2014

  • La Chapelle walks the ramp to $219m HK IPO

    Shanghai La Chapelle Fashion priced its Hong Kong IPO at the bottom of the price range to raise HK$1.70bn ($219m) on September 30, as worries about the state of the Chinese economy meant investors were a bit more cautious about getting in on the action.

    30 Sep 2014

  • CIC nets $311m with Noble sale but shares take a hit

    China Investment Corp has raised S$396m ($311m) by selling a 4.5% stake in agricultural commodities company Noble Group, in a highly competitive deal that resulted in Noble shares trading lower.

    30 Sep 2014

  • Roads closed but markets open as HK protests

    It was largely business as usual for bankers this week in Hong Kong despite the pro-democracy protests shutting down traffic in large parts of the city’s financial districts. But while there is little expectation of the civil disobedience causing long term harm to financial markets in the region, that could change if the situation worsens.

    30 Sep 2014

  • ECM boom to continue with Thailand, Korea set for pick-up

    The Asia ex Japan equity capital market is heading towards a strong finish to the year, with a heavy pipeline of deals that is likely to take volumes soaring far beyond 2013's total. And for the remainder of the year bankers are looking to smaller pockets of the market, such as South Korea and Thailand, to drive a large chunk of their business, writes Rashmi Kumar.

    30 Sep 2014

  • China’s SMIC fetches $500m with inaugural dollar bond

    China's Semiconductor Manufacturing International made its debut in the dollar bond market on September 25, raising $500m with a Reg S/144A five year issue.

    30 Sep 2014

  • REC's loan gets commitments from five; Middle Eastern lender to join HPCL $300m

    Five lenders have committed to join Indian company Rural Electrification Corp’s $170m loan. The transaction is the greenshoe portion of a larger borrowing. Funds for the original $230m have already been provided by the six bookrunners and mandated lead arrangers, which are syndicating the greenshoe on a best efforts basis.

    30 Sep 2014

  • Cross border M&A and bond markets keep loans rolling

    Slowing growth in China and limited scope for expansion in southeast Asia means the region’s companies are increasingly eyeing acquisitions overseas. This potential for cross border M&A from Asia throws open plenty of opportunities for loan financings, writes Shruti Chaturvedi.

    30 Sep 2014

  • Just not cricket in India

    It seems churlish to talk about traffic jams at a time when Hong Kong's streets are thronged with the politest protesters one could ever hope to meet. But just before Hong Kong turned upside down I had been chatting to a chum about clogged streets of a different kind in a recent trip of his to India.

    30 Sep 2014

  • Kia Motors said to have mandated six for Mexico loan

    South Korean car maker Kia Motors Corp is understood to have mandated six banks for a $578m loan that will go towards the setting up of a new production facility in Mexico.

    30 Sep 2014

  • Muted reaction to BoCom’s euro tier two

    China’s Bank of Communications (BoCom) has followed its landmark offshore tier two bond with another €500m ($634m) offering a day later, on September 25. But the euro denominated transaction proved to be less popular than its dollar counterpart.

    30 Sep 2014

  • HK-Shanghai Connect to link investors to primary deals

    Investors looking to take advantage of the landmark Shanghai-Hong Kong Stock Connect mutual equity trading scheme will now also have access to primary offerings.

    30 Sep 2014

  • China high yield expected to fly high, but not for long

    The high yield market is bracing itself for another onslaught from Chinese borrowers in the last part of the year. But a combination of an onshore real estate slump and questions about whether the impending flood of Basel III transactions could reprice the sector are causing bankers to have second thoughts about the outlook, writes Rev Hui.

    30 Sep 2014

  • Pelindo $1bn loan expected to launch into general soon

    Pelabuhan Indonesia II’s $1bn five year loan, which has been in gestation since May, is expected to launch in the next few days, said bankers.

    30 Sep 2014

  • Far East Horizon picks quartet for $200m refinancing

    Financial services company Far East Horizon is back in the market for a $200m refinancing loan with four bookrunners and mandated lead arrangers. The margin on offer is linked to owner Sinochem’s holding in the company.

    30 Sep 2014

  • Turbo takes PCS through €100bn

    FirstRand Bank’s Turbo Finance 5 UK auto ABS priced this month has become the 67th transaction to acquire the Prime Collateralised Securities label, taking the quality initiative beyond €100bn of labelled securitizations since its launch in 2012.

    30 Sep 2014

  • Peruvian plots new seven year to fund LM

    The pharmacy and supermarket arm of Peruvian conglomerate Intercorp Peru is planning a new seven year non-call four bond of up to $350m in order to fund the buyback of its $300m 8.875% notes due 2018.

    30 Sep 2014

  • HSH trade builds on CBPP3 momentum

    HSH Nordbank opened books on Tuesday on an Aa3-rated €500m no-grow seven year mortgage-backed Pfandbrief, its second covered bond deal of 2014. Bankers said the level of oversubscription was further evidence of the divergence in popularity between covered bonds likely to be included in the ECB’s third covered bond purchase programme (CBPP3) and those which are likely to be outside, such as Tuesday’s other euro-denominated benchmark, from Swedish Covered Bond Corporation.

    29 Sep 2014

  • DBJ brings green to Japanese benchmarks

    Development Bank of Japan brought green bonds back to what could be considered their spiritual home on Tuesday, pricing the first green syndication from a Japanese issuer. Japanese retail buyers were one of the first investor bases to become involved in SRI investment through Uridashi notes.

    29 Sep 2014

  • Bank of Oman launches debut in rocky market

    The National Bank of Oman launched its debut offering on Tuesday morning. Market conditions have been less than ideal for the issuer, which opened books in a risk averse market.

    29 Sep 2014

  • Podcast: Andy Jobst (IMF) on covereds and capital

    Andy Jobst, a senior economist in the European department at the International Monetary Fund, speaks to The Cover in a podcast interview about the future of covered bonds in the European capital markets.

    29 Sep 2014

  • SCBC prices tight with first soft bullet

    The Swedish Covered Bond Corporation (SBAB) was set to issue a €1bn deal at a historically tight level of 1bp over mid-swaps on a comfortably oversubscribed book on Tuesday. Although the issuer has been out of the market for three years and is considered a solid credit, the deal lacked some of the sparkle of issues seen earlier this month, possibly due to its soft bullet structure.

    29 Sep 2014

  • Ahli Bank doubles debut loan to $200m on oversubscription

    Qatar’s Ahli Bank has closed a $200m debut syndicated term loan facility, increasing the size of the deal after its initial amount was oversubscribed.

    29 Sep 2014

  • 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.

    29 Sep 2014

  • Investor focus: Aegon calls for relaxed green bond rules

    Regulators should loosen capital requirements for certain investors to hold green bonds in order to boost the size of the market, a senior portfolio manager at Aegon has told SSA Markets.

    29 Sep 2014

  • Luxembourg lures Islamic accounts despite rock bottom rates

    The Grand Duchy of Luxembourg paid a clear premium over its conventional curve to get a €200m inaugural sukuk away on Tuesday. But this concession was down to the small size and not the sukuk structure, said debt bankers on the bond. A much bigger problem with the debut deal was Islamic investors’ lack of familiarity with just how measly euro rates have become.

    29 Sep 2014

  • World Bank squeezes through narrow dollar window

    World Bank was set to print a five year global at the tight end of guidance on Tuesday afternoon, having nipped into a short window for dollar issuance this week ahead of holidays in Asia.

    29 Sep 2014

  • Marriott timeshare guidance comes amid declining yields

    Pricing guidance for Marriott Ownership Resort’s $240m timeshare ABS was announced between 95bp and 100bp over interpolated swaps on Monday. Yields for new timeshare deals have declined as ABS markets have picked up, meaning some buyers are no longer interested in the sector.

    29 Sep 2014

  • CME, CFFEX team up on China derivatives data

    Chicago-based CME Group has signed a market data provision agreement with the China Financial Futures Exchange, that country’s sole derivatives-focused bourse.

    29 Sep 2014

  • TriOptima completes largest energy compression cycle

    TriOptima has completed the largest energy portfolio compression cycle to date, eliminating a notional outstanding value of $12.1bn.

    29 Sep 2014

  • Korea commercial banks to invest directly in China inter-bank bonds

    China is to allow South Korea’s commercial banks, securities houses and insurance companies to invest directly in China’s onshore inter-bank bond market (CIBM) via renminbi, two Seoul based sources have told GlobalRMB. The move is the first time that foreign commercial financial institutions not operating in China will have been awarded this access and is being seen as additional regulatory support by China for South Korea’s local RMB business.

    29 Sep 2014

  • PineBridge hires structured credit expert

    PineBridge Investments, a global asset manager overseeing around $73bn, has hired a veteran structured credit trader and investor with a background in CLOs as a portfolio manager in its New York office.

    29 Sep 2014

  • Walsall Housing sells £250m debut bond despite benefit clampdown

    WHG Treasury, the financing arm of Walsall Housing Group, priced its first bond on Monday, a £250m senior secured issue, of which £75m will be retained. Investors appear not to have been spooked by housing benefit cuts proposed by the UK government at the weekend, as the bond found strong demand and was priced inside guidance.

    29 Sep 2014

  • Single-B issuers delay launching debut bonds

    Several companies rated single-B are delaying launching debut high yield bonds, after two such transactions struggled earlier this month.

    29 Sep 2014

  • Babcock Intl makes €550m debut amid Gross-out caper

    European credit markets had a nasty turn today, which salespeople and analysts blamed on news that Bill Gross, the so-called ‘bond king’, had decided to leave Pimco, the world’s biggest bond investor. Yet Babcock International, the UK engineering services group, still managed to issue a €550m bond – its first in the European market, according to Dealogic.

    29 Sep 2014

  • Can securitization deliver on SME lending?

    The European Central Bank has turned to securitization to solve the problem of poor SME funding in Europe, and is prepared to back the product with its own wallet. But there is still no guarantee that the scheme will have any direct impact on credit flow to businesses, writes Tom Porter.

    29 Sep 2014

  • Rating agencies: the great survivors of the crisis

    Rating agencies took their fair share of flak after the global crisis, in particular for their role in the subprime debt market. But as the financial world slowly returns to normal, rating agencies appear more important than ever to the FIG sector. Philip Moore reports.

    29 Sep 2014

  • Options flows spike as RBNZ intervenes in kiwi

    Market participants have been picking up options on the New Zealand dollar against the US dollar following a recent spike in volatility, due to the Reserve Bank of New Zealand's intervention in the FX market.

    29 Sep 2014

  • TLTRO: good for lending, bad for supply

    Plans for a targeted long term refinancing operation (TLTRO) were quickly hailed as a crucial element of the European Central Bank’s easing programme. With the TLTRO lacking the stigma associated with its predecessors, take-up is expected to be high and associated with a boost in lending. But the news isn’t so good for FIG bond supply this autumn. Nathan Collins reports.

    29 Sep 2014

  • ECB returns to reshape covered bond market

    The European Central Bank’s targeted long term financing operation (TLTRO), and its third covered bond purchase programme are expected to shape the outlook for covered bonds over the foreseeable future. Though the reaction to the ECB’s moves was initially negative, covered bonds are expected to remain an integral component of banks’ long term strategic funding plans. Jonathan Algar reports.

    29 Sep 2014

  • Euro, dollar hegemony intact but diversity drives alternatives

    Euros and dollars dominate the FIG financing markets but with the global financial crisis still raw in the minds of many bank treasurers, the ability to call on a diverse range of currencies — and investors — has never been more fashionable. Phil Moore reports.

    29 Sep 2014

  • Insurance sector brushes off Solvency II delays

    Europe’s insurance companies have been waiting years for clarity about what Solvency II-compliant subordinated debt will look like. But that’s not stopping capital issuance, as Adrian Murdoch reports.

    29 Sep 2014

  • Policymakers hold the key to securitization’s resurgence

    After years of regulatory mistreatment in the wake of the financial crisis, securitization is firmly back in the toolkit for banks’ funding teams. But on both sides of the Atlantic, the future of the product is very much dependent on the trajectory of public policy, writes Will Caiger-Smith.

    29 Sep 2014

  • Periphery narrows the gap on core

    Most eurozone periphery banks enjoyed unfettered access across asset classes in the first half of 2014, narrowing their yield gap on the core. With a new wave of cheap central bank cash on the way and little demand for bank loans, senior and covered benchmark volumes will fall and spreads will tighten further — leading other funding sources to come to the fore, finds Craig McGlashan.

    29 Sep 2014

  • Fed targets Credit Suisse levfin business, other banks also under pressure

    Credit Suisse’s leveraged finance business has come under harsh scrutiny from the Federal Reserve. The bank has received an especially stern letter from the US financial regulator, but market participants say most institutions have been criticised severely for their risky lending practices.

    29 Sep 2014

  • Europe wins back US bank issuers

    The return to health of the US banking sector is going hand-in-hand with a rosier view of Europe as a source of funding, writes David Rothnie.

    29 Sep 2014

  • Life after the ECB — an end to easy liquidity

    Even with a fresh round of central bank funds in the form of the TLTRO, banks still need to plan for the big day when the ECB finally turns off the funding taps. However, hopes of a return to growth in Europe and a managed exit from the ECB means banks can finally look forward to standing alone, writes Nathan Collins.

    29 Sep 2014

  • TLTROs outweigh rate rises in euro FIG outlook

    Although interest rate rises remain far off in low-growth western Europe, potential rises elsewhere and the TLTROs blur the outlook for new FIG issues in euros. Julian Lewis reports.

    29 Sep 2014

  • When banks go bad: resolution, bail-in and banking union

    This spring, the European Union passed the Bank Resolution and Recovery Directive (BRRD) into law, to set out, once and for all, what should happen when a bank fails in the EU. For the first time, from 2015, there will be one European set of rules to deal with bank collapse, to sit alongside the newly minted banking union — the largest act of European integration since the euro was established. Owen Sanderson reports.

    29 Sep 2014

  • A market in need of an investor base

    Yield seekers helped get the additional tier one market off to a successful start, but long term investors are needed to keep the market going. Graham Bippart reports.

    29 Sep 2014

  • FIG market looks forward to life after AQR

    Europe is on the verge of another milestone in the long haul to a new, more sustainable banking system. The European Central Bank is poised to review the health of the region’s banks and take over their single supervisor, ringing in a new regulatory era. But the eurozone recovery is flagging, banks and the ECB are becoming more dovish even as the US and UK look set to tighten monetary policy. Funding officials and capital markets bankers gathered in London in September to discuss what it all means for Europe’s banks.

    29 Sep 2014

  • An end in sight for deleveraging — but obstacles remain

    The deleveraging cycle is coming to an end. While balance sheets will never hit their pre-crisis sizes, stronger capital positions mean that growth is finally a prospect, even if there is plenty of work still to be done. Bankers focusing on senior debt can expect their jobs to get busier — but treasurers also have plenty of other options open to them, writes Nathan Collins.

    29 Sep 2014

  • Equity capital raising successes offer proof of banks’ recovery

    The variety and success of recent deals in FIG equity capital markets has been proof of the recovery in sentiment and valuations over the last year. From capital raises for peripheral institutions to IPOs for UK retail banks, Andrew Griffin explores some of the most significant deals.

    29 Sep 2014

  • You’ve come a long way, baby

    It’s not just regulators insisting that banks are better capitalised. Turning pre-crisis orthodoxy on its head, equity investors are favouring the leaders and punishing the laggards. But how should a new-generation capital stack be structured? Nick Jacob reports.

    29 Sep 2014

  • Jordan agrees photovoltaic loans with EBRD and OPIC

    The European Bank for Reconstruction and Development and the US Overseas Private Investment Corp have agreed to provide $25m loans each for a photovoltaic power plant in Jordan to help address the country’s energy shortages.

    29 Sep 2014

  • FIG in the capital markets: returning home to equity?

    There are few things that banks wouldn’t do, if the alternative was to issue new equity. But the old certainties are changing, and this year the ECM market has delivered for banks, both the large and the fragile. While the ECB’s asset quality review has been the spur to issuance, the market is hopeful that even once that has passed, there will be more sales to come, reports Andrew Griffin.

    29 Sep 2014

  • Resolving the regulatory paradox

    The European Central Bank’s targeted long term refinancing operations offer a way out of the regulatory paradox of demanding that banks de-risk while lending more, particularly to small and medium-sized enterprises. Support for asset-backed securities could help stimulate growth too. But how much SME loan demand is there in Europe anyway? Julian Lewis reports.

    29 Sep 2014

  • The business of testing credibility

    Banking is all about confidence, and for too long, there has been too little in Europe’s banks. The third round of stress tests from the European Banking Authority, and a stringent review of asset quality from the European Central Bank (together in eurozone jargon, the Comprehensive Assessment) are supposed to restore confidence in the institutions that pass the exam. But markets remain worried about what will be found. Owen Sanderson reports.

    29 Sep 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%