Shaky prospects could create value in CDS-bond basis

Last year ended on a sour note and spreads looked set to continue their ascent throughout this year and beyond. But here we are, a little over a week into 2019, and the Markit iTraxx Europe is 10bp tighter than December 31 levels.

  • By Ross Lancaster
  • 10 Jan 2019

Gavan Nolan, IHS Markit

A bumper non-farm payrolls report, a more dovish stance from the Federal Reserve, optimism on US-China trade talks and Chinese economic stimuli have all served to compress spreads after a shaky start.

Yet a view that these factors will support credit valuations through 2019 is ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16,068.25 50 8.30%
2 Citi 14,381.91 47 7.43%
3 HSBC 13,839.24 43 7.15%
4 BNP Paribas 13,367.97 26 6.91%
5 Barclays 12,249.94 35 6.33%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 56,309.38 235 6.78%
2 Credit Agricole CIB 50,053.55 239 6.03%
3 JPMorgan 46,785.38 108 5.63%
4 UniCredit 45,665.76 207 5.50%
5 SG Corporate & Investment Banking 43,321.52 173 5.22%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 114.77 1 17.84%
1 BNP Paribas 114.77 1 17.84%
3 Commerzbank Group 65.85 2 10.23%
4 Oakley Advisory Ltd 64.52 1 10.03%
4 Barclays 64.52 1 10.03%