Latest Sovereign Credit Commentary

  • Learning Curve: An index — the cure for Sonia calculation headaches

    As UK loan, bond and derivative market participants work to the deadline of December 31, 2021 to stop using Libor, one of the biggest hurdles is how to calculate the new reference rate: Sonia.

    • 09 May 2019
  • Learning Curve: lessons for SFTR from EMIR

    Nearly six years ago to the day the European Commission adopted the technical standards for the European Market Infrastructure Regulation (EMIR) that, among other things, mandated the reporting of derivatives contracts to trade repositories.

    • 20 Dec 2018
  • Learning Curve: ICE Swap Rate is a model for benchmark reform

    The breakdown of trust in ISDAfix following allegations of collusion and manipulation in 2012 led to a complete overhaul of the benchmark. A recent report by the Financial Conduct Authority proves that the hard work is paying off, reaffirming the potential for the model to be applied to other benchmarks.

    • 06 Dec 2018
  • Learning Curve: an introduction to inline warrants

    Inline warrants are growing in popularity as a means of generating returns when volatility is low.

    • 07 Nov 2018
  • Learning Curve: new data is changing markets for good

    ​New regulations have uncovered heaps of data that markets are struggling to handle. But as participants discover issues exist they did not realise existed, the data revolution will result in safer and more efficient markets for all.

    • 30 Aug 2018
  • Learning Curve: the growing need to normalise trade data

    As banks struggle with tracking brokerage costs, they need to work out ways to properly manage cost transparency by normalising their trade data.

    • 07 Jun 2018
  • Learning Curve: ISDA Common Domain Model

    Proponents of the ISDA Common Domain Model say that if properly implemented, it could generate major cost savings for financial institutions. But what is it, what prompted its creation and how could it work with distributed ledger technology?

    • 24 May 2018
  • Learning Curve: CCP switching post-Brexit

    Not a day goes by without some analyst, regulator or senior exchange executive weighing in on where the clearing of euro swaps should reside post-Brexit.

    • 16 Apr 2018
  • Learning Curve: equity repo deserves focus

    Equity repo, a way to lend shares to the market, is a key parameter in equity derivatives trading but is yet to be fully considered and monetised. Given the opportunities that exist in the space, market participants would do well to change tack.

    • 28 Feb 2018
  • Learning Curve: The promise and perils of deal-contingent hedging

    Deal-contingent hedging can be a great way to hedge risks associated with mergers and acquisitions, but a number of pitfalls can flummox first time users of these specialist derivatives.

    • 20 Feb 2018
  • Learning Curve: The merits of equally weighted portfolios

    While market capitalisation weighted indices and portfolios have been incredibly popular in recent years, data show that their equally weighted brethren can have an edge with lower concentration risk and better performance.

    • 12 Feb 2018
  • Deutsche readies new investment bank line-up as Warren jumps from Goldman

    The wide-ranging management shake up at Deutsche Bank is set to continue after the German lender picked former Goldman Sachs partner Alasdair Warren to lead its new corporate and investment banking unit in Europe, the Middle East and Africa.

    • 05 Nov 2015
  • CDS Spreads On Hold For U.S. Data

    Amid all the talk of an emerging markets “crisis,” credit spreads in the western world took a breather as participants awaited crucial economic data in the U.S.

    • 07 Feb 2014
  • Peripheral Eurozone Debt Makes Positive Start To 2014

    Peripheral eurozone debt has made a strong start to 2014 and the positive momentum continued with Portugal tapping the capital markets for funds.

    • 09 Jan 2014
  • AQR Drives Slovenia CDS Rally

    Slovenia’s CDS spreads have rallied after the sovereign released results of its asset quality review and stress tests.

    • 13 Dec 2013

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 378.25 1751 8.34%
2 Citi 349.31 1498 7.70%
3 Bank of America Merrill Lynch 301.49 1296 6.65%
4 Barclays 269.96 1130 5.95%
5 HSBC 224.07 1234 4.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 48.06 225 7.37%
2 Credit Agricole CIB 43.29 202 6.64%
3 JPMorgan 33.50 97 5.14%
4 UniCredit 29.45 158 4.52%
5 SG Corporate & Investment Banking 29.18 148 4.47%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13.16 82 8.34%
2 Goldman Sachs 12.42 63 7.87%
3 Morgan Stanley 12.18 55 7.71%
4 Citi 10.09 71 6.39%
5 Credit Suisse 6.93 38 4.39%