• China’s Nanxiang seeks Hong Kong listing

    Chinese trade and logistics company Nanxiang Holding is setting its sights on a Hong Kong IPO, having filed a preliminary prospectus with the exchange at the end of December.

    29 Dec 2014

  • Citic plans $5.7bn private placement in 2015

    Chinese brokerage Citic Securities Company Limited is planning to issue not more than 1.5bn new H-shares via a private placement, as it looks to shore up its capital base. Although the precise size of the offering has not been disclosed, the company could raise as much as HK$44.10bn ($5.70bn) based on its share price at the time of writing.

    29 Dec 2014

  • India to add to coffers with Moil stake sale

    The Indian government has issued a request for proposals to divest 10% of its holding in manganese producer Moil, a sale which could add as much as Rp5.07bn ($80m) to the country’s coffers.

    29 Dec 2014

  • UK buy-to-let entrepreneur claims 'first' crowdfunded IPO

    Mill Residential, a small UK real estate investment trust, has completed what it claimed was the first combined IPO, involving a conventional share issue and crowdfunding.

    23 Dec 2014

  • European corporate bond issuance falls by 10% but foreign issuance hits record

    European companies issued €294bn of investment grade bonds in 2014, less than in either 2012 or 2013. The number of deals also fell, even though it felt like a very busy year in the market, thanks to record issuance by non-European companies.

    23 Dec 2014

  • NDF clearing mandate needs coordination and standardisation

    A report from the Commodities Futures Trading Commission on central clearing for non-deliverable forwards warned of possible problems if a mandate is applied incorrectly, urging coordination and standardisation of practices, according to lawyers

    23 Dec 2014

  • Two more UK deals join leveraged finance pipeline

    Private equity firms Cinven and Electra Partners have both announced buyouts in the UK this week.

    23 Dec 2014

  • CLS expands FX settlement services following BoK green light

    CLS Group will expand its third-party settlement services in Korea following a recent announcement from the Bank of Korea that the central bank is expanding the range of FX transactions eligible for CLS payment-versus-payment settlement to include those of non-bank of financial institutions.

    23 Dec 2014

  • BCA completes levfin year with £265m dividend recap

    British Car Auctions, which claims to be Europe’s biggest secondhand car dealer, has signed a £340m loan – one of the last European leveraged finance deals to close in 2014. The deal raises £265m of new money – just slightly less than the £270m planned.

    23 Dec 2014

  • Economic stress balanced by supportive HY markets, Moody's finds

    Issuer-friendly developments in the high yield market are likely to balance out stresses caused by a weak European economy in 2015, and lead to steady issuance, a Moody's analyst has said.

    23 Dec 2014

  • Zenith Bank signs debut loan amid stress for Nigeria

    Zenith Bank of Nigeria is signing a $300m loan today – its first in the international syndicated loan market. The deal was increased from $250m after being oversubscribed.

    23 Dec 2014

  • Full cap stack sales to proliferate in 2015

    A number of European banks should be able to gain capital relief by selling the full capital stack of ABS trades into the market next year, as long as the spread environment remains favourable to the practice.

    23 Dec 2014

  • Reality versus ratings in the new Basel world

    The inconvenient truth about credit ratings is that they are one of the least bad options for measuring credit risk. Basel’s latest proposal to write the agencies out of regulation will simply introduce new problems.

    23 Dec 2014

  • Greek yields drop despite government election failure

    Greece’s yields fell in secondaries in the immediate aftermath of the second round of a presidential vote in the country on Tuesday, despite the government failing to secure a win for its candidate. Elsewhere, Ireland released its funding target for 2015 and Italy outlined plans for its penultimate auction of 2014.

    23 Dec 2014

  • EIB unveils 2015 programme

    The European Investment Bank is set to raise less in 2015 than it did this year, including cash to finance the European Commission’s plan to boost investment in Europe by €315bn.

    23 Dec 2014

  • Linekong draws $94m from smaller Gem IPO in Hong Kong

    Linekong Interactive Co has priced its HK$724.91m ($93.49m) IPO on Hong Kong’s Growth Enterprise Market (Gem) board at the bottom of guidance, as investors stuck with the company despite a last-minute delay and downsizing of the deal.

    23 Dec 2014

  • Citi takes the CEEMEA crown, but Deutsche drops away

    Citi looks like it will end this year comfortably on top of the CEEMEA bond arrangers’ league table, having captured a healthy 13% market share, according to Dealogic data.

    23 Dec 2014

  • Allahabad Bank and JBF Industries get approvals for QIP

    Indian state-owned Allahabad Bank has received the go-ahead from its board on Monday to raise funds via a qualified institutional placement or other methods.

    23 Dec 2014

  • Korea Expressway seeks dollar bond return in early 2015

    Korea Expressway pulled a dollar bond in October after the issuer realised it was not going to achieve its target price. But it has not been deterred and is looking to return to the international debt market in February.

    23 Dec 2014

  • Peking University Resources prices $122m placement at the bottom

    Peking University Resources, a server and networking products distributor, raised HK$945m ($122m) on Monday from a placement after pricing the trade at the low end of expectations.

    23 Dec 2014

  • Del Monte Pacific seeks $180m in rights issue to repay debt

    Dual-listed fruit and vegetable producer Del Monte Pacific is planning to raise $180m from a rights issue in Singapore and the Philippines as it looks to shore up its balance sheet following a major acquisition.

    23 Dec 2014

  • Falling oil to test ringgit bond market

    Malaysia’s domestic bond market could be in for a tough time next year as falling oil prices, rising interest rates and a weaker currency take their toll.

    23 Dec 2014

  • Ecuador wins Moody’s upgrade despite oil price hit

    Ecuador, which has never made a principal payment on an international bond, has received an upgrade from Moody’s even as analysts warn that lower oil prices represent a threat to the country’s economy and credit rating.

    23 Dec 2014

  • Ocwen order could hit RMBS

    Servicer advance securitizations by Ocwen Financial, and RMBS tied to Ocwen’s servicing, could yield less for investors than expected following a $150m settlement and consent order it reached with the New York Department of Financial Services (NYDFS) last Friday.

    23 Dec 2014

  • SocGen predicts greater role for non-eurozone borrowers in 2015

    Non-eurozone issuers will make up a growing part of the covered market in 2015, according to analysts at Société Générale. While SG’s team predict that eurozone issuers will sell a lower volume of covered bonds than in 2014, the French bank thinks that strong supply from other jurisdictions will help to make up that deficit, leaving volumes roughly in line with the €115bn sold in 2014.

    23 Dec 2014

  • JSCC continues clearing under CFTC no-action relief

    The Japan Securities Clearing Corporation and its affiliates have been granted time-limited, no-action relief by the US Commodities Futures and Trading Commission to continue to conduct business despite the fact it has not yet been approved as a derivatives clearing organisation.

    22 Dec 2014

  • Carlyle Group and Warburg Pincus lead buyout of DBRS

    The Carlyle Group and Warburg Pincus have partnered with a group of Canadian investors to purchase DBRS, the rating agency announced on Monday.

    22 Dec 2014

  • CDS notional upward surge continues

    Overall credit default swap notional that was reported to swap data repositories last week increased by 49% from the previous week, according to data from the International Swaps and Derivatives Association, continuing a multi-week trend of increasing notional.

    22 Dec 2014

  • BGC increases all-cash tender offer for GFI

    BGC Partners has increased its all-cash tender offer to acquire GFI Group to $5.45 per share, representing a $.20 premium per share compared to CME Group's offer.

    22 Dec 2014

  • FCC’s new shares listed after €1bn capital increase, 9.2 times sold

    Fomento de Construcciones y Contratas, the Spanish construction company that is recapitalising after struggling with its debts, has completed its rights issue, after the €1bn issue was 9.2 times oversubscribed.

    22 Dec 2014

  • Investors seek new RMBS flavours in 2015 as legacy deals dwindle

    Opportunities for investors in primary and secondary residential mortgage-backed securities markets have started to dwindle because of declining liquidity in legacy RMBS, but other yieldy products might fill the gap in 2015, market participants say.

    22 Dec 2014

  • A little pragmatism, please

    If you take a look at the volumes of bank capital sold in 2014 it’s hard not be impressed. Looking at volumes alone, you’d think the year had been an unqualified success. But bank treasurers should learn a few lessons ahead of January.

    22 Dec 2014

  • Wohlin on leave from Deutsche

    Håkan Wohlin, global head of debt origination, is on leave from Deutsche Bank.

    22 Dec 2014

  • Deutsche loses top spot in SSA bonds

    Deutsche Bank looks set to finish second in the 2014 league table for bookrunners of global supranational, sovereign and agency bonds, excluding US agencies. Deutsche has been top every year since 2010.

    22 Dec 2014

  • Greek yield falls before election as Ireland pays back IMF

    Bond investors appeared on Monday to appreciate the Greek government's efforts to shore up support for its presidential candidate, a day before MPs hold a second round of voting.

    22 Dec 2014

  • French-based Euro PP market reaches new high as Fareva gets €275m

    The so-called Euro private placement market, which came to life in France in 2012, has reached a total of €3.9bn of issuance this year - its biggest year yet.

    22 Dec 2014

  • BNPP shakes up loans and bonds, creates souped-up corporate group

    BNP Paribas is creating a corporate debt platform in its financing solutions group, bringing together debt capital markets, loan capital markets origination and corporate acquisition finance.

    22 Dec 2014

  • Swedes hit hardest by Basel capital floor

    The Basel Committee announced in December that it is seeking opinions on a proposal to establish a capital floor framework based on a standardised approach to credit risk, with the Committee arguing that a standardised capital floor is necessary to offset difficulties created by relying on bank’s internally modelled approaches. According to research from Deutsche Bank, Swedish institutions are likely to be some of the hardest-hit when the rules come in.

    22 Dec 2014

  • Haitong Securities rides market rally with $3.9bn H-share placement

    Haitong Securities tapped into the current buoyant sentiment for Chinese brokerage firms to close a hefty HK$29.94bn ($3.86bn) placement of H-shares, which saw bankers working behind the scenes to secure a cadre of high-grade investors.

    22 Dec 2014

  • HSBC tops EM league table, but Pascoe says business is getting tougher

    HSBC is set to finish this year top of the emerging markets international bond arrangers league table, having moved up one position since the end of last year.

    22 Dec 2014

  • Year not over for Russian RMBS despite market rout

    AK BARS Bank has completed a securitization of mortgages through VTB Capital, which GlobalCapital understands will not be the last RMBS of 2014 for Russia’s domestic market even as international investors fear the country will suffer bank and corporate defaults next year.

    22 Dec 2014

  • HKBN to relist in Hong Kong

    HKBN is making a comeback to the Hong Kong market in an IPO that will see its major shareholder CVC and Singapore sovereign wealth fund GIC pare down their stakes.

    22 Dec 2014

  • UFO Moviez auditions for $118m IPO

    India’s UFO Moviez has filed a prospectus with the Securities and Exchange Board of India (Sebi) in hopes of raising Rp7.5bn ($118m) through an offer for sale of secondary shares.

    22 Dec 2014

  • Louis XIII nets $212m in placement of shares, convertible bonds

    Louis XIII Holdings, which is developing a luxury resort along Macau’s Cotai Strip, has raised HK$1.64bn ($211.51m) via a placement of shares and convertible bonds.

    22 Dec 2014

  • Yulong Eco-Materials lays ground for US Listing

    Yulong Eco-Materials Limited has filed a prospectus with the US regulator for an IPO on the Nasdaq The company hopes to raise funds for the completion of new facilities.

    22 Dec 2014

  • CoGarden looks to join Chinese property bond frenzy

    Country Garden Holdings Company is planning to make an early start to financing plans in 2015 as it has two bonds coming up for redemption.

    22 Dec 2014

  • Citi hits LatAm top spot as DB slips

    Greater deal volume in Brazil and Colombia pushed Citi back to the top of Latin America’s international DCM bookrunner league tables as last year’s champion Deutsche Bank fell to fifth position.

    22 Dec 2014

  • Hsin Chong preps new $190m; Shangri-La raises $641m

    Hsin Chong will raise a smaller-than-expected HK$1.47bn ($189.59m) in a placement of primary shares following the termination of an earlier agreement with two banks.

    22 Dec 2014

  • EBA grants Danish covered bonds partial waiver from CRR

    The European Banking Authority allowed the Danish FSA partly waive the part of the Capital Requirements Regulation (CRR) which specifies the conditions for covered bonds to have preferential risk weighting treatment.

    22 Dec 2014

  • Orange Switzerland buyout could yield new crop of bonds - if market is stable

    The ruffled state of Europe's high yield bond market will give Xavier Niel, the French telecoms entrepreneur, plenty to think about as he considers whether to use the market to finance his planned takeover of Orange Switzerland, the mobile phone company.

    19 Dec 2014

  • Lomé-based BOAD to raise $1.8bn in capital markets

    Banque Ouest Africaine de Développement (the West African Development Bank) will raise $1.35bn in the regional capital markets over the next four years. The bank also announced plans to borrow $460m from international capital markets at a board meeting in Benin last week.

    19 Dec 2014

  • ESMA publishes MiFID II implementing rules

    The Markets in Financial Instruments Directive took a leap forward today with the publication of technical advice and a consultation by the European Securities and Markets Authority that set out the implementation of transparency and trading requirements to a broad range of asset classes and products.

    19 Dec 2014

  • Funding scorecard: Scandinavian agencies

    This week's scorecard features updates on the funding progress of selected Scandinavian agencies. Read on to see which issuers hit the lower end of their targets.

    19 Dec 2014

  • Secondary pricing update: featuring Guernsey, L-Bank and Ico

    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.

    19 Dec 2014

  • FCA outlines 2015 EMIR priorities

    The Financial Conduct Authority is focusing its risk-based oversight efforts in four critical areas of the European Market Infrastructure Regulation for 2015 – trade reporting quality, clearing services provision continuity from clearing members, market readiness for the clearing obligation, and the bilateral requirements for non-cleared trades. This comes as February marks the first year anniversary of trade reporting under the regulation.

    19 Dec 2014

  • EC grants ESMA much needed frontloading delay

    The European Commission has agreed to postpone the start of the frontloading requirement for cleared interest rate derivatives as proposed in the regulatory technical standards submitted by the European Securities and Markets Authority.

    19 Dec 2014

  • CGIF ends 2014 with a bang

    The Credit Guarantee Investment Facility (CGIF), added Indonesia’s Astra Sedaya Finance to its guarantee portfolio, making it the fifth transaction for the CGIF this year.

    19 Dec 2014

  • Shengjing Bank prices $1.4bn IPO near bottom of range

    Shengjing Bank has priced its IPO close to the bottom of an indicative range, raising HK10.43bn ($1.35bn) in Hong Kong’s last billion dollar listing for the year.

    19 Dec 2014

  • Yunnan Water Files for HK IPO

    China-based wastewater treatment company, Yunnan Water Investment Company, has filed a prospectus with the Hong Kong Stock Exchange on Thursday.

    19 Dec 2014

  • Canvest’s IPO raises $151m on Asian demand

    Canvest Environmental Protection Group, a waste-to-energy (WTE) firm, raised HK$1.17bn ($150.92m) in an IPO supported mostly by Asian investors.

    19 Dec 2014

  • Low liquidity pinches Beijing Energy’s CNH

    Beijing Energy Investment Holding (BEIH) issued what looks to be Asia’s last dim sum bond in 2014 on December 16. Despite the issuer’s status as an SOE wholly owned by the municipal government of Beijing, it was not able to tighten guidance by much due to low liquidity in the market.

    19 Dec 2014

  • Special Briefing on China market access, Part I: the future of RQFII

    China’s renminbi qualified foreign institutional investors (RQFII) programme and the recently-launched Shanghai-Hong Kong Stock Connect initiative have made some of the biggest contributions so far to tearing down the Great Wall surrounding China’s capital markets, while simultaneously providing a springboard for the broader adoption of China’s currency around the globe.

    19 Dec 2014

  • RMB round-up: December 19, 2014

    In this round-up, China cross border RMB settlement is down 0.5% in November, Taiwan RMB deposits were stable in November, China signed an RMB swap line with Kazakhstan and the Royal Bank of New Zealand (RBNZ) said it would include RMB in its trade index.

    19 Dec 2014

  • Lippo Malls takes home S$180m four year loan

    Lippo Malls Indonesia Retail Trust has net a loan of S$180m ($137m) from a group of three lenders, with the first drawdown of the facilities expected to occur before the year ends.

    19 Dec 2014

  • Alizz Islamic plans expansion in Oman

    Omani lender Alizz Islamic Bank has announced the opening of a new branch in Sohar as a part of its expansion strategy in the country.

    19 Dec 2014

  • Caffil completes French covered downgrade spree

    Fitch completed its round of French covered bond downgrades on Thursday evening, announcing a one notch cut to the rating of Obligations Foncières sold by Caisse Francaise de Financement Local (Caffil). The ratings cuts have come in the wake of Fitch’s decision to downgrade the French sovereign’s rating of AA from AA+.

    19 Dec 2014

  • Regional banks ramp up market share in bookrunner league table

    As the year draws to a close the international sukuk league table looks set. HSBC and Standard Chartered are safe in their traditional top spots. But the big winners this year are Middle East and Malaysian banks, who have fought their way up the sukuk league table at the expense of Western competitors

    19 Dec 2014

  • BT tantalises market receptive to rights issue, but blocks likely later

    British Telecommunications has declined to confirm press reports that it is planning a £2bn rights issue as part of its financing for the £12.5bn takeover of EE, the UK mobile phone group. However, the market barely flinched at the news, suggesting a deal, if it comes, will not be a challenge.

    18 Dec 2014

  • Rate cut dims Swiss franc appeal for foreign corporates

    Domestic borrowers are tipped to dominate the Swiss market in the first weeks of 2015 following the central bank’s announcement on Thursday of plans to impose negative interest rates.

    18 Dec 2014

  • Schuldschein banks go hunting in UK, despite tough deals

    Schuldschein bankers are hoping to continue the market's expansion in 2015 to include more borrowers from outside German-speaking countries, even though some recent international deals have not gone according to plan.

    18 Dec 2014

  • Dark year end as risks gather for 2015

    It’s an ugly end to 2014. The last four weeks have turned a good year into a disappointing one for many equity and bond markets.

    18 Dec 2014

  • BT tantalises receptive market over rights issue plans

    British Telecommunications has declined to confirm press reports that it is planning a £2bn rights issue as part of its financing for the £12.5bn takeover of EE, the UK mobile phone group. However, the market barely flinched at the news, suggesting a deal, if it comes, will not be a challenge.

    18 Dec 2014

  • Coalmine canary Jefferies starts coughing

    Jefferies, which reports a month before the major US houses, had a shocking quarter in September, October and November, suggesting dismal numbers in the post for the rest of the industry.

    18 Dec 2014

  • Only 39 corporate bonds are liquid, posing challenge for MiFID rules

    Electronic bond trading provider MarketAxess has identified only 39 corporate bonds it considered liquid in the third quarter this year, from a universe of around 200,000, a ratio that poses huge challenges to the European Securities and Markets Authority’s attempt to introduce equity-like transparency to the fixed income market as part of the Markets In Financial Instruments Directive.

    18 Dec 2014

  • Russia is in pain — but remember Ukraine

    Suddenly, Russia is suffering. In the last few days, with the oil price collapsing and a collapse in the rouble exchange rate, many in the West have started to suggest that it is time to rethink sanctions.

    18 Dec 2014

  • MTN Leak: Holding the Christmas flag

    Although the Christmas season is a time for joy, this story begins with a tale of woe.

    18 Dec 2014

  • Five Oaks taps Credit Suisse for next jumbo RMBS

    Five Oaks has partnered with Credit Suisse to issue a $272m RMBS deal backed by prime jumbo mortgages. The real estate investment trust partnered with JP Morgan to bring previous deals.

    18 Dec 2014

  • Bumper IBD year ends with a whimper

    It has been one of the best years on record for revenues in investment banking, according to Dealogic, with FIG and sponsor exits driving performance. But the fourth quarter has fallen flat, with revenues the lowest since 2011.

    18 Dec 2014

  • Bankers optimistic for January, but treasurers must learn lessons

    FIG bankers remain optimistic for January despite the market going through a torrid patch in late November and December. However, funding officials will also need to take a pragmatic path and learn lessons from a string of postponed senior unsecured trades at the tail end of November.

    18 Dec 2014

  • Small rally for Greece but election woes linger

    Greek yields fell on Thursday after the first round of a presidential vote in the country’s parliament, but SSA bankers warned that it was far from a sign that investors are expecting a win for the ruling coalition. The government’s candidate failed to win enough votes, meaning the opposition party Syriza — which wants to write off much of the country’s debt and rollback austerity measures — could win power in the New Year.

    18 Dec 2014

  • UK to dribble up to £3bn Lloyds stake into market via MS

    The UK government will sell the next chunk of Lloyds Bank shares using an unusual dribble-out trading plan, in which shares will be sold piecemeal in the secondary market, rather than in a large block, as it has done twice before.

    18 Dec 2014

  • SSA market braces for volatility as Federal Reserve rate rises loom

    US Federal Reserve interest rate hikes and potential European Central Bank sovereign bond buying are the leading factors expected to make 2015 issuance calendars more difficult to negotiate than 2014’s for sovereign, supranational and agency borrowers. Bankers are warning that printing at the short end of the dollar curve could get tough at times.

    18 Dec 2014

  • LatAm bonds bounce in time for January rush

    LatAm DCM and syndicate bankers were breathing sighs of relief on Thursday after the secondary market bounced following a torrential start to the week as bond markets reflected oil price volatility.

    18 Dec 2014

  • Spanish regions plan mid to long-dated euro issuance in 2015

    A pair of Spanish regions plan to print euro syndications at the belly to long end of the curve in 2015 — for one region a deal will be its first in over five years.

    18 Dec 2014

  • German Bundesrat pauses threat to bank, corporate hybrids

    German hybrid capital instruments, from both financial institutions and companies, have escaped - for the time being - a serious threat from a tax proposal by the Bundesrat, the upper house of Germany's parliament, writes Richard Metcalf.

    18 Dec 2014

  • Commodity linked Russian corps struggle in dire week

    The rouble crisis hurt Russian corporates hard this week, but several companies took an even bigger hit because of their exposure to sinking commodity prices. While immediate repayment risks remain fairly benign for most, a deterioration of oil prices or the rouble could lead to covenant breaches.

    18 Dec 2014

  • RBS to sell AT1 and Lloyds to call ECNs after stress tests

    Lloyds and Royal Bank of Scotland were quick to react to the results of the Bank of England’s stress tests on Tuesday, with RBS announcing plans to sell £2bn to boost its capital ratio — despite passing the tests — and Lloyds revealing its intention to call several series of enhanced capital notes (ECNs) that the BoE’s Prudential Regulatory Authority did not count as contributing towards the bank’s common equity tier one ratio.

    18 Dec 2014

  • JPM CMBS widening exemplifies trend of weaker collateral

    JP Morgan’s latest CMBS deal represents a market trend in which issuers have sold investors cheaper deals backed by weaker collateral, market participants say.

    18 Dec 2014

  • Supras and telcos popular for year end Africa loans

    Strong deals from Liquid Telecom, Fidelity Bank, Lake Turkana Wind Power and Africa Finance Corp in recent weeks have highlighted the popularity of supranational and telecoms deals in Africa.

    18 Dec 2014

  • Ukraine's Agroton secures vote to delay next payment

    Agroton Public, the Ukraine based agricultural company, has further delayed interest payments on its $50m notes due 2019 after bondholders voted in favour of the extraordinary resolution on Monday. The company’s operations have been severely impacted by the fighting in eastern Ukraine and analysts say its financial outlook is dire.

    18 Dec 2014

  • Banks avoid mass costs in rollback of swaps push-out

    Banks operating with large swaps trading operations will no longer be required to relocate their trading to a separate legal entity that is not federally insured following the rollback of Section 716 of the Dodd-Frank Act. As a result, banks will avoid incurring significant expenses, while saving time and personnel, according to lawyers.

    18 Dec 2014

  • Bumper take-up for Evraz bond buyback

    The Russian economic crisis this week boosted participation in a tender offer for Evraz's 2015 bond. Investors accounting for $278m of Evraz's $576.7m 2015 notes agreed to a company buyback of the note at just over par.

    18 Dec 2014

  • Oman to issue international sukuk after domestic debut

    The Sultanate of Oman has picked banks for a local currency sukuk debut, as the country’s Capital Markets Authority awaits feedback on draft legislation for Islamic bond issuance.

    18 Dec 2014

  • German corporate hybrids hit by tax turmoil

    German hybrid capital instruments, from both financial institutions and companies, are under threat from a tax proposal of the Bundesrat, the upper house of Germany's parliament.

    18 Dec 2014

  • KfW scores rare floating rate structure

    KfW has sold a rare, privately placed note with a step-up inverse floating rate structure, which dealers said could be a sign of other similar trades to come.

    18 Dec 2014

  • Co-op the only casualty of BoE's stress tests

    The Bank of England’s Prudential Regulatory Authority released the results of its latest round of stress tests this week, revealing that of the eight largest UK banks and building societies only the Co-operative Bank had ran afoul of its adverse scenario. Bankers and analysts have taken the results as a sign that the UK’s financial system is robust, though some have warned that future stress tests may become trickier to navigate.

    18 Dec 2014

  • Russian rouble collapse leaves bond market on edge

    The beating that Russia’s markets took this week wasn’t on the same scale as the 1998 crisis but it was nevertheless shocking even for veterans of the earlier collapse, who were left slack-jawed at the free-fall of the rouble on Tuesday, writes Francesca Young. Even after the authorities got their act together and produced a package of stabilising measures and interventions on Wednesday, investors are now acutely aware of the heightened risk of defaults next year as weakness cascades through the economy.

    18 Dec 2014

  • Bankers hope for winds of change as Peruvian prices first LatAm green bond

    DCM bankers hope that this week’s first ever green bond issue from Latin America will be the first of many, with the potential for growth in renewable energy a source of possible new deals.

    18 Dec 2014

  • US regulators lambast levfin banks for ever worsening underwriting standards

    The Office of the Comptroller of the Currency, one of the top financial regulators in the US, said last week that risk within US leveraged lending had slipped to levels last seen in 2006, in the lead-up to the financial crisis.

    18 Dec 2014

  • US high yield defaults to rise as oil fall bites, but pain to be local

    The biggest source of stress for US credit markets in 2015 will come from the energy sector, analysts believe, as the oil price has fallen 50% since July.

    18 Dec 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%