• ESMA rejects EC exemption for intragroup derivatives

    The European Securities and Markets Authority has raised concerns over the European Commission’s proposal for a three year exemption from clearing and collateral responsibilities for firms making intragroup interest rate derivatives transactions with third country entities, because such entities are not yet deemed to have regimes equivalent to the European Market Infrastructure Regulation.

    30 Jan 2015

  • TABB Forum: All eyes on MAC swaps

    Volumes in market adjusted coupon swap trading are increasing due to margin efficiencies, increased liquidity and the ease of trading, according to speakers at the TABB Forum Fixed Income 2015 conference in New York on Thursday.

    30 Jan 2015

  • Electronic trading move won’t eliminate volatility

    More swaps trading being pushed onto exchanges and other venues will not eliminate the presence of volatility in derivatives markets. However, the move to electronic trading has increased matched trades and efficient sourcing of capital.

    30 Jan 2015

  • Spain’s Isolux pulls €600m IPO as investors fail to offer right price

    Isolux Corsán, the Spanish energy and construction firm, last night pulled its €600m initial public offering, in the first blow to what has been Europe’s strongest ECM region so far this year.

    30 Jan 2015

  • Growing asset managers need to reduce their delta

    As buyside firms transact in ever larger volumes, asset managers need to reduce the delta risk, known as DV01, the change in the value of their trades caused by a basis point change in rates. However, this is very difficult as capital requirements for investment banks mean that a dealer’s ability to warehouse risk for its buyside clients is diminished.

    30 Jan 2015

  • Italy showcases QE effect with long dated private deals

    The Republic of Italy has nipped in with a couple of long dated privately placed deals that took advantage of the curve flattening in the euro market since the European Central Bank announced a programme of SSA bond buying just over a week ago.

    30 Jan 2015

  • Funding scorecard: supranationals

    This week's scorecard features updates on the progress of selected supranationals through their funding programmes.

    30 Jan 2015

  • Altice’s €4.8bn PorTel bond wins enormous oversubscription

    Altice on January 30 achieved a successful sale for its €4.8bn-equivalent bond package backing its takeover of Portugal Telecom.

    30 Jan 2015

  • Secondary pricing update: the QE shockwaves keep coming

    Intended or not, the European Central Bank’s plan to buy SSA paper in secondary markets once again made market watchers sea sick this week.

    30 Jan 2015

  • China State Shipbuilding joins caravan to the euro bond market

    China State Shipbuilding Corp is set to be the latest Asian issuer to tap the European bond market, after mandating banks for a debut which will be backed by a standby letter of credit (SBLC) from Bank of China.

    30 Jan 2015

  • Damovo bought out by Oakley, in partnership with Daisy Group

    Private equity firm Oakley Capital has agreed, along with Daisy Group as a minority partner, to buy Damovo Europe, a provider of enterprise communication technology.

    30 Jan 2015

  • Wendel wins tight NIP with huge book, so ups bond to €500m

    French investment company Wendel sold a €500m 12 year bond on Friday, having increased the deal in response to strong demand and favourable pricing.

    30 Jan 2015

  • GTech gets €800m loan the day before downgrade

    GTech, the Italian gambling equipment maker, completed an €800m term loan on Friday last week, the day before Standard & Poor’s and Moody’s downgraded it to junk.

    30 Jan 2015

  • IBA selects banks for ECP

    International Bank of Azerbaijan is meeting investors in conjunction with its establishment of a European Commercial Paper (ECP) programme.

    30 Jan 2015

  • Hope despite the obstacles: outlook bright for RMB in Korea, says KSD chairman

    It has been six months since South Korea formally became an offshore renminbi hub, with its own official clearing bank. The last year has seen a massive increase in RMB deposits, tripling to about Rmb120bn ($19bn), but Yoo Jaehoon, chairman and CEO of Korea Securities Depository, the country's leading custody and settlement services provider, tells GlobalRMB that the key issue for RMB development in the country remains the expansion of its use in the real economy.

    30 Jan 2015

  • Del Monte, EastWest Bank seek out rights issues

    Philippines and Singapore-listed Del Monte Pacific will raise S$208.60m ($156.43m) in a rights offering after pricing the transaction at S$0.33 or Ps10.60 a share.

    30 Jan 2015

  • India flings open books for $3.7bn Coal India selldown

    The Modi administration launched its up to Rp226.13bn ($3.68bn) offer for sale of shares in Coal India on Friday, a mammoth trade which could be one of India’s biggest yet.

    30 Jan 2015

  • GuocoLand seeks to open markets with S$170m bond

    The burst in activity in the Singapore bond market has continued this week, as property developer GuocoLand hit markets with the biggest trade so far this year. The company’s dual tranche offering brought in S$170 ($125m) along with hopes of more Singapore dollar issues to follow.

    30 Jan 2015

  • Magnum IPO: did you feel lucky?

    As expected, it hasn’t all been plain sailing for Asian IPOs so far in 2015. Macro events, chiefly in Greece and the Middle East, have taken their toll on regional issuance, as have increasing worries about China’s property sector. Even the mighty Alibaba hasn’t been immune to the doom and gloom, its share price in free-fall over a regulatory enquiry, writes Philippe Espinasse.

    30 Jan 2015

  • Pertamina nets $380m in general

    Indonesian oil and gas company Pertamina, which is in the market for $1.8bn five year loan, has received $380m in commitments in general. Bankers on the deal said they expect to close soon with allocations likely to be out in the next couple of weeks.

    30 Jan 2015

  • RMB round-up: January 30, 2015

    In this round-up, free trade accounts launch in the Shanghai pilot Free Trade Zone (FTZ), authorities announce an imminent expansion of FTZ policies to the entire country, the Bahamas is making a push to become the second RMB hub in the Americas, and ICBC announces big growth in its RMB cross-border business.

    30 Jan 2015

  • After a record year, what hope now for dim sum?

    After the boom comes the bust. If 2014 was a banner year for offshore RMB bond issuance, things are not looking too hot for 2015. Just four deals have priced so far, with the volume raised just a quarter of last year. Dim sum bonds have been a key tool of RMB internationalisation, but changing conditions have stripped them of their appeal. It’s time for Chinese authorities to get creative.

    30 Jan 2015

  • GlobalCapital Asia's 2015 New Year drinks and awards reception in pictures

    GlobalCapital Asia held a drinks reception at Duddell’s in Hong Kong on January 28, 2015. The evening was a chance for guests to pick up their well deserved regional capital markets awards, and catch up with friends and colleagues from around the market.

    30 Jan 2015

  • Delay for $126m K-Electric block sale due to political protests

    Bookbuilding will close a day later than scheduled for a Rp12.48bn ($125.49m) block in K-Electric after protests broke out in Karachi, crippling parts of the city.

    30 Jan 2015

  • Citi’s Dean to head loans for Westpac

    Westpac has named Aziz Dean as its new head of loans and syndications, corporate and structured finance for Asia Pacific. The appointment of Dean, who brings with him expertise in acquisition finance, indicates the growing focus by Australian lenders on Asian investment into their home market.

    30 Jan 2015

  • Century Properties preps for dollar debut

    Philippine property developer Century Properties will meet investors next week ahead of a potential US dollar bond debut after mandating three banks.

    30 Jan 2015

  • Is Europe sleepwalking into the next crisis?

    Lulled into a false sense of security by the European Central Bank’s quantitative easing programme, investors seem to think they are immune from events in Greece. It’s certainly true that markets are in much better shape than they were when the country was first bailed out in 2010. Investors in AIB Mortgage Bank’s latest deal would probably vouch for that.

    30 Jan 2015

  • Analysts uncertain on African sukuk outlook

    African sovereign sukuk issuance could grow in the next two years, Bank of London and the Middle East (BLME) believes. But other analysts predict only one or two Africa sovereigns will follow South Africa into the international sukuk market.

    30 Jan 2015

  • RBC reopens US dollar covered bond market

    After a long succession of euro issuance from Canadian banks, Royal Bank of Canada broke ranks and issued the first dollar covered bond of the year on Thursday, funding at levels close to what it could have achieved in euros. The $2bn deal is likely to have been closely watched by other global banks with an established presence in the US market, and suggests that further deals could follow.

    30 Jan 2015

  • EC consults on Capital Markets Union

    The European Commission is set to commence a consultation towards setting up a Capital Markets Union by 2019. The European Covered Bond Council (ECBC) plans a panel discussion on the topic in Brussels in February shortly after the official release of a “Green paper,” a copy of which was leaked to the press earlier this week. A second consultation, specifically alluding to the role of covered bonds is expected in June.

    30 Jan 2015

  • Egypt next: Tunisian landmark underlines Arab thaw

    Egypt is preparing to follow Tunisia’s landmark return to the international bond market as investors shrug off conflict in Syria and the oil price’s collapse to regain appetite for Middle Eastern credits. Underscored by this week’s $1bn deal, confidence in the region has rebounded to levels last seen before the Arab Spring in 2011, writes Virginia Furness.

    30 Jan 2015

  • Kookmin prepares for covered bond issuance

    Korea’s Kookmin Bank has issued a consent solicitation proposing to amend a negative pledge clause on three existing unsecured deals. The move signals that the firm is preparing for covered bond issuance.

    30 Jan 2015

  • MAS to amend covered bond law, delaying issuance

    The Monetary Authority of Singapore has published a consultation paper proposing to amend the covered bond law. The announcement suggests the timetable for Singaporean covered bond issuance will be pushed back.

    30 Jan 2015

  • Bond new issues suffer worst start of decade

    Global bond new issue markets have had their slowest start to the year this decade, as anxiety about quantitative easing, interest rate movements and political events like the Greek election have kept issuers out of the market.

    29 Jan 2015

  • Dry January in Brazil as Petrobras disappoints

    February is set to arrive with zero cross-border issuance from Brazil after Petrobras disappointed the market on Tuesday night by not including write-downs on assets in its delayed third quarter 2014 results.

    29 Jan 2015

  • FHFA vs FHA: Here we go again…

    The US’s Federal Housing Finance Agency and the Federal Housing Administration are locked in yet another round of fisticuffs, with market share as the prize. If the private label RMBS market is to return, the government needs to stop hitting itself.

    29 Jan 2015

  • Greece plunges as Syriza heads for EU clash, but IPOs still on

    Greece’s general election was one of the big risks to equity capital markets on the calendar since the year began – but markets have so far shaken off the long-dreaded victory of Syriza, the hard left party – even though it won a stronger mandate and formed a governing coalition much more quickly than expected.

    29 Jan 2015

  • Andean corporates line up to show strength

    There are finally signs of a corporate bond pipeline in Latin America with one investment-grade, one crossover and one high yield borrower set to test appetite next week after a bare January.

    29 Jan 2015

  • EFG-Hermes pulls block, not liking price

    A rare Egyptian accelerated bookbuild was abandoned on Thursday, after the trade in shares of EFG-Hermes, the Egyptian brokerage and asset manager, failed to find demand at a price the bank’s board was willing to sell at.

    29 Jan 2015

  • World Bank breaks Kauri record with five year

    Strong demand from domestic banks allowed World Bank this week to launch the largest ever primary offering in the Kauri market.

    29 Jan 2015

  • DVB marketing global aircraft ABS deal

    DVB Bank’s London Branch is marketing its first securitization, a $667m ABS backed by 20 aircraft leases to 13 airlines in 12 countries. The deal is the latest in a string of aircraft ABS issuance that is expected to jumpstart secondary trading in the esoteric asset class.

    29 Jan 2015

  • Blocks flourish as EDP, Aareal, GTT owners seek to clear out

    The pace of activity in equity block trades picked up this week, even though European markets fell as often as they rose.

    29 Jan 2015

  • Risk retention breeds ‘ghost’ structures for new CLOs

    Apollo Global Management, Carlyle Group and Credit Suisse Asset Management are among CLO managers that have structured new deals with ‘ghost’ tranches that could be used to refinance the transaction after risk retention rules come into effect, without having to take down the 5% equity stake those rules require — if regulators deem it acceptable.

    29 Jan 2015

  • Cades Rmb3bn 3.8% Feb 17

    29 Jan 2015

  • EIB EUR1bn 1% Mar 31

    29 Jan 2015

  • Swiss corp bond market stirs as domestic borrowers lock in ultra-low funding

    Corporate bond supply returned to the Swiss market this week as a trio of domestic firms, including debut crossover credit Hirslanden, took advantage of the negative interest rate environment to lock in ultra-low yields.

    29 Jan 2015

  • UK DMO £3bn 0.125% Mar 58 linker tap

    29 Jan 2015

  • Egypt next: Tunisian landmark underlines Arab thaw

    Egypt is preparing to follow Tunisia’s landmark return to the international bond market as investors shrug off conflict in Syria and the oil price’s collapse to regain appetite for Middle Eastern credits. Underscored by this week’s $1bn deal, confidence in the region has rebounded to levels last seen before the Arab Spring in 2011, writes Virginia Furness

    29 Jan 2015

  • Ico EUR1bn 0.5% Dec 17

    29 Jan 2015

  • Russians push for loans against dismal odds

    Russian borrowers are still trying to line up loan deals with international banks, even as conditions for them continue to worsen and the pool of banks willing to arrange such deals grows ever smaller.

    29 Jan 2015

  • Tunisia’s 10 year a big step in its financial rehabilitation

    A strong reception to a 10 year Eurobond from Tunisia this week — its first conventional bond since the Arab Spring —is proof that the country is on the right path in terms of financial autonomy, according to bankers.

    29 Jan 2015

  • Bankers shrug off Greek election worries as QE dominates mood

    Corporate bond bankers were treading carefully in the immediate aftermath of the Greek general election won by anti-austerity party Syriza last Sunday, but by Tuesday new issues were attracting huge books and pricing at super-tight spreads, restoring confidence in the market.

    29 Jan 2015

  • Periphery insulated from Greece — for now

    After a benign start to the week for sovereign and agency borrowers in the eurozone periphery in the aftermath of the Greek general election — allowing several issuers to print paper at record breaking low yields — the fears of a political standoff between the new Hellenic government and its European peers led to a softer tone mid-week. But public sector bankers remain confident that Greece’s problems are, in the short term, its own.

    29 Jan 2015

  • US: slowest January since 2012 despite late week prints

    A flurry of issuance by US financial names was not sufficient to rescue the slowest start to the year for the US FIG market since 2012.

    29 Jan 2015

  • Spain leads ECM as Aena taxis to jumbo listing

    Aena, one of the world’s largest airport operators, this week launched what could be the biggest public listing in Spain since 2007, consolidating the country’s overwhelming lead in Europe’s equity capital markets so far this year.

    29 Jan 2015

  • SSA funding stutters as ECB rally shatters pricing plans

    Public sector borrowers will feel the pressure in February to catch up on funding after the European Central Bank all but stopped new issuance at the end of January — SSAs’ busiest month of the year. The announcement of quantitative easing caused bond yields to tumble and left issuers and bankers puzzled over where they could price a new benchmark.

    29 Jan 2015

  • Negative yield first in MTNs as SSAs tighten

    Medium term note investors could be forced to swallow negative yields on private placements following dramatic pricing moves, after the European Central Bank’s announcement of quantitative easing last week. The first ever such deals are thought to have been sold this week, as supranationals and agencies tightened levels after the ECB’s decision.

    29 Jan 2015

  • Sterling cov-lite finds some friends, but product's viability remains a doubt

    Mid-market sterling cov-lite seems to have made it over the line this week, with Sky Bet set to close books on Friday, Northgate having been allocated and Advanced Computer Solutions preplacing the sterling tranche of its acquisition facility.

    29 Jan 2015

  • Sweden homes are overvalued ‘by up to 30%’

    The two decade long bull market in Swedish property has left it 20%-30% overvalued, according to research from Scope Ratings, which believes exposure to domestic real estate presents a key risk to the Swedish banks it rates.

    29 Jan 2015

  • Blocks flourish as EDP, Aareal owners seek to clear out

    A gently rising trend in European stocks today has brought three accelerated bookbuilds into the market this evening.

    29 Jan 2015

  • Solenis closes €85m loan, with increase and tight OID

    Solenis, the US chemicals producer, has closed books on an €85m six year term loan that backs its acquisition of Clearwater Specialties, increasing the facility by €10m.

    29 Jan 2015

  • Tawreeq launches ‘world first’ with trade receivables platform for SMEs

    Tawreeq Holdings has launched a Shariah-compliant supply chain finance platform, which it believes to be the world’s first. The platform is aimed at small and medium enterprises in the Middle East and north Africa.

    29 Jan 2015

  • QE momentum trumps Greece concerns in FIG... for now

    The one-directional trade that has dominated bond markets since the onset of easy monetary policy in Europe showed little sign of giving in to concerns about Greece’s creditworthiness and its future in the eurozone this week, as the prospect of quantitative easing in the region fuelled hunger for assets.

    29 Jan 2015

  • People Moves in Brief

    Three BNPP SSA bankers at risk — Mustier joins Tikehau — ANZ hires European DCM head

    29 Jan 2015

  • No quick Ginkgo return from Créd Ag

    Crédit Agricole Consumer Finance ensured a familiar start to the year for French ABS this week after deciding to retain all €750m ($848.41m) of notes in its latest consumer loan-backed transaction, Ginkgo Personal Loans 2015-1.

    29 Jan 2015

  • BAML follows with Italian CMBS as QE gives reason for optimism

    Bank of America Merrill Lynch priced its private equity sponsored Taurus CMBS this week, the second transaction backed by Italian assets already this year. Bankers expect that tightening yields on more mainstream products will have a positive impact on the CMBS market in the coming months.

    29 Jan 2015

  • Pair lead quest for €20bn year in euro CLOs

    US based asset managers Pramerica and Carlyle are working on what may prove to be the first European CLO deals of the year. Investor demand lower down the capital structure remains a concern for the market but some players think relative value arguments could help redress that and push issuance towards €20bn in 2015.

    29 Jan 2015

  • Ukrainian firms steel up for year of loan waivers

    Ukraine’s biggest steelmaker is in talks with banks over a loan package that looks set to include a partial waiver of existing debt. Bankers say the agreement could set a precedent for the majority of Ukrainian companies that need to negotiate debt maturities this year.

    29 Jan 2015

  • IMF sings ABS market tune in call for non-bank buyers

    The International Monetary Fund published a staff discussion paper this week, recognising the regulatory hurdles in the way of developing a bigger base of non-bank institutional investors in European ABS. Despite the heavyweight backing, bankers remain downbeat as the only authorities that matter, the Basel Committee and the EU’s framers of Solvency II, still stand in the way of a market revival.

    29 Jan 2015

  • Macquarie toasts Australia with RMBS

    Macquarie Securitization Limited celebrated Australia Day on Monday by launching a roadshow for what may be the first Australian RMBS to be priced in 2015, well over a month since the last supply from the country.

    29 Jan 2015

  • Q&A: Lucio Biase, CEO and Hilary Park, chief strategy officer at LMRKTS

    Tools that enable firms to reduce the number of line items in a portfolio, while keeping the same risk profile, are changing the way market participants trade derivatives. These tools are becoming the new market norm as users look to optimise their balance sheets as increased regulation envelops the derivatives market. Gabriel Suprise was granted an exclusive interview with Lucio Biase, CEO, and Hilary Park, chief strategy officer at LMRKTS, a new firm that offers a novel type of tool in order to minimise counterparty risk. Topics of discussion included what LMRKTS is, how it works and why it is different from other compression offerings in the derivatives marketplace.

    29 Jan 2015

  • Achmea EUR750m 4.25% PNC10 tier two

    29 Jan 2015

  • Wittur guides its price as Bain bags TI Automotive

    Wittur, the German lift components producer, set price guidance for its €285m ($322.23m) acquisition loan at a London bank meeting on Monday, a day before its new private equity owner, Bain Capital, added TI Automotive to its portfolio.

    29 Jan 2015

  • Morgan Stanley EUR1.5bn 1.75% Jan 25

    29 Jan 2015

  • Rabobank EUR1.5bn 1.375% Feb 27

    29 Jan 2015

  • BPCE broadens investor base with T2 Samurai

    The investor base for subordinated Samurai bonds is growing, with BPCE’s debut in the format — the triple trancher is just the second ever Samurai sub deal to comply with Basel III — unearthing investors that do not traditionally participate in FIG deals.

    29 Jan 2015

  • OVS, rising Italian clothes chain, to IPO

    OVS, the Italian clothing retailer, has begun investor education for an IPO, which could involve about €350m of new shares being issued, as well as a smaller amount of secondary stock. They could add up to as much as 49% of the stock being listed.

    29 Jan 2015

  • OVS, rising Italian clothes chain, to IPO

    OVS, the Italian clothing retailer, has begun investor education for an IPO, which could involve about €350m of new shares being issued, as well as a smaller amount of secondary stock. They could add up to as much as 49% of the stock being listed.

    29 Jan 2015

  • Floorplan ABS issuers bringing larger deals at higher yields

    Floorplan ABS issuers have targeted volume over pricing in recent deals, but spreads should tighten later on this year making it more difficult to increase new transactions, market participants said.

    29 Jan 2015

  • Second lien gets kicking from unitranche but US offers hope

    The European second lien leveraged loan market has had a rough start to the year. Low volumes, due to unattractive pricing and competing junior debt products, have made it a tough sell to subordinated debt investors.

    29 Jan 2015

  • Issuers shun sub market despite Achmea’s barnstormer

    Achmea shrugged off a weak credit market on Wednesday to draw a bumper book for its first subordinated deal since 2013, pricing a perpetual deal with a skinny new issue premium. However, the Dutch insurer’s success was insufficient to lure other issuers to sell capital trades of their own later in the week.

    29 Jan 2015

  • Oops! Lukashenko ‘restructuring’ slip up sparks Belarus sell-off

    Comments from Belarus’ president Alexander Lukashenko that the country may hold debt restructuring talks this year sent Belarus’ 2015 Eurobond crashing 26 cash points, according to one banker. However the Ministry of Economy later clarified that Belarus fully intends to service its debt and that the president had accidently said restructuring when he meant to say refinancing, sending the bonds back up nearly 18 points.

    29 Jan 2015

  • Senior issuers shrug off Greek election to draw big books

    The senior unsecured market enjoyed a brief window of activity on Tuesday, when all three of the senior trades this week were printed. Morgan Stanley and Rabobank sold well received deals at the long end, while Caisse Centrale du Crédit Immobilier de France sold a government guaranteed note in the belly of the curve.

    29 Jan 2015

  • Ico wins new friends with record breaking debut social bond

    Instituto de Crédito Oficial (Ico) has scored a hat trick with the first ever socially themed bond from a Spanish public sector borrower — printing the largest ever deal in the format, squeezing its spread over Spain to single figures, and welcoming new investors. That could encourage other issuers to add the social format to their funding mix, said bankers — although there were more reasons for Ico’s success than just altruistic investors, including the European Central Bank’s new quantitative easing programme.

    29 Jan 2015

  • Is Europe sleepwalking into the next crisis?

    Lulled into a false sense of security by the European Central Bank’s quantitative easing programme, investors seem to think they are immune from events in Greece. It’s certainly true that markets are in much better shape than they were when the country was first bailed out in 2010. Investors in AIB Mortgage Bank’s latest deal would probably vouch for that.

    29 Jan 2015

  • Snow joke as corporate issuance hits five year low

    Bond investors are hoping for a flood of US supply in the coming weeks as companies emerge from earnings blackout following a disappointing start to the year.

    29 Jan 2015

  • UBS plans to rebuild European levfin after senior exodus

    After a brutal year in 2014, in which several senior staff were cut or left the bank, UBS’s European levfin business has a fixer in the shape of Jim Boland.

    29 Jan 2015

  • Funds eye outperformance of SenFin vs. Main

    Hedge funds are eyeing the spread differential between iTraxx Senior Financials and iTraxx Main, which has gone from 1bp in December to wides of almost 10bp this week, following the election of the left-wing Syriza party in Greece. The interest comes on the back of an expectation that the SenFin index will outperform in the longer term.

    29 Jan 2015

  • Cades renminbi debut equals the UK’s for size

    France’s Caisse d’Amortissement de la Dette Sociale this week printed the largest ever Chinese renminbi deal from a European agency with its debut effort in the market. The borrower, the first French public sector agency to print CNH, will eye opportunities this year to follow up on its first deal in the currency.

    29 Jan 2015

  • Peru’s Alicorp extends early bird for tender

    Peruvian consumer goods company Alicorp is seeking to persuade more bondholders of its 3.875% 2023 to sell their paper after investors owning just over half of the $150m maximum purchase amount set by the company agreed to tender their bonds before last Monday’s early bird deadline.

    29 Jan 2015

  • RHP claims lowest ever coupon on 30yr HA bond

    Richmond Housing Partnership, a housing association based in southeast England, issued £140m of bonds with an average life of 30.75 years on Thursday. Its 3.25% coupon was the lowest yet achieved on a 30 year bond issued by a housing association in its own name, according to the issuer.

    29 Jan 2015

  • Bank capital and the war on risk sensitivity

    The regulatory tide has turned, and banks are no longer trusted to assess their own capital needs. The Basel Committee’s latest proposals on bank disclosure, published on Wednesday, would add detailed information on internal modelling to existing bank reporting.

    29 Jan 2015

  • Russian loan legal framework gets facelift, but cracks remain

    Economic and political barriers deterring international banks from lending to Russian companies continue to rise. But the legal framework and sanctions language for such deals has become much more robust and well understood over recent months.

    29 Jan 2015

  • Greece muddies EU's Russian sanctions move

    EU foreign ministers met in Brussels on Thursday, January 29, to discuss imposing further sanctions on Russia, following an upsurge in fighting in east Ukraine during the previous weekend. But there is doubt whether the EU will be able to unanimously agree to extend sanctions, as Greece’s new government said that it did not consent to an EU statement calling for broader sanctions, which was released on Tuesday.

    29 Jan 2015

  • UBS sees gains with new VIX-related ETN

    UBS this week trumpeted the recent launch of an exchange traded note that provides investors with hedged exposure to the Chicago Board Options Exchange Market Volatility Index (VIX).

    29 Jan 2015

  • Akbank goes for longer tenor as Turkish peers look on

    Akbank is using a novel tenor structure as it leads the first wave of Turkish bank loan refinancings this year, in a move that could set a benchmark for peer borrowers.

    29 Jan 2015

  • Eustream mandates, leads bat Russia link aside

    Slovakia’s Eustream, a crucial pipeline that carries Russian gas to Europe, has mandated Citi, ING, Société Générale and UniCredit to arrange a series of fixed income investor meetings in Europe starting on Monday.

    29 Jan 2015

  • Vakifbank prints first Turkish Basel III compliant tier two bond

    Vakifbank priced the first ever Basel III compliant tier two bond on Monday, a $500m 10 year non-call five. But though bankers estimated that the bond paid around 115bp-116bp over its old style tier two bullet 2022s, they said it was difficult to strip out the cost of the addition of point of non-viability features.

    29 Jan 2015

  • Uncertainty on Russian bad bank plans

    Russian officials are due to present plans for a bad bank to the government on Friday, as part of a range of measures unveiled on Wednesday aimed at combating the sharp economic downturn. But the creation of a bad bank is the most uncertain of all the proposed measures, said Russian bank analysts, and has attracted opposition from high ranking ministers.

    29 Jan 2015

  • Loans, news in brief — January 29, 2015

    Adveo — Nidera — Stanbic Uganda

    29 Jan 2015

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%