Market commentary

  • 23 Oct 2003
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Compiled by Richard Favis
RBC Capital Markets
+27 11 784 5065

After last week's 150bp rate cut, and no economic data entering the market, local players turned to the performance of the rand for direction. Positive factors driving the rand include general dollar weakness, euro strength, and the strong gold and platinum prices. The rand has moved below R7.00/$.

Bonds are expected to gain further on speculation that next week's release of CPIX will show inflation has eased to within the Reserve Bank's target range, prompting it to cut rates for a fifth time before year end. Economists expect that CPIX will fall to 5.4% in September from 6.3% in August. The target range introduced by the government in 2000 was 3% to 6%.

The CPI numbers are due for release on Tuesday October 28, while money supply, private sector credit extension and PPI data are due the following day.

  • 23 Oct 2003

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%