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US tariff deadline could spoil Christmas for ECM
Equity markets, particularly European ones, are largely focusing on the UK election as the last opportunity for pre-Christmas volatility. But investors should remember that other shocks remain possible, including the scheduled imposition of US trade tariffs on China on Sunday.
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In defence of Denmark's green idea
Denmark’s debt officials have a highly original plan to issue green bonds in which the green element can be stripped off and traded separately. It’s going to put many a green nose out of joint. That’s no bad thing: the market needs to re-examine its claims to efficacy and virtue.
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UK listing rules: if it ain't broke, don’t fix it
The Conservatives may push for further deregulation of the UK’s financial system after Brexit, including allowing dual-class share structures on London's main market, if they emerge victorious from the general election on Thursday. This would be a mistake — they should not put at risk London's high corporate governance reputation in order to seek to compete with New York or Hong Kong.
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Comrade Corbyn capital markets: surprisingly enriching?
Voters go to the polls on Thursday to pick the next UK government, with the outside possibility of a far left Jeremy Corbyn-led Labour government keeping capital markets bankers awake at night. But the return of Marxism might hold some silver linings for them.
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China needs to get going on TLAC bonds
Crédit Agricole bagged a total loss-absorbing capacity eligible senior preferred Panda bond in China last week — the first of its kind onshore. But the confusion it created shines a light on a market that is still in dire need of education around these new structures. With Chinese banks set to come under pressure soon to issue their own TLAC-eligible bonds onshore, rapid change is needed before time runs out.
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UniCredit is striving not to be a hostage to fortune
European banks are waiting for relief from central bankers, politicians and regulators. But UniCredit is positioning itself to offset several of the biggest problems facing the sector, giving it greater room to forge its own destiny.
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The ECB cannot pretend it is a selective investor
The European Central Bank (ECB) likes to keep up the idea that it dips in and out of markets judiciously with its quantitative easing programme. This is disingenuous. Its driving force is its need to pump money into the system.
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Primary dealerships are rigged systems — that’s the point
The FICC Market Standards Board has just released guidance on the proper conduct of government bond auctions, cautioning banks — and primary dealers especially — to manage their conflicts of interest carefully. That’s fine as far as it goes, but the whole point of the primary dealer system is to rig the market, with finely tuned incentives on all sides to make sure governments have access to funding whatever the weather.
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Caveat emptor: Indian SOEs attempt covenant changes
Oil and Natural Gas Corp’s (ONGC) failed attempt to loosen change of control covenants for its dollar bond is a prime example of why investors in Indian state-owned enterprises need to keep their eyes wide open when approaching new deals.
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Alibaba’s IPO success is no panacea for Hong Kong
Hong Kong hosted Alibaba Group Holding’s jumbo IPO in tough political times this month, yet the deal received overwhelming support in primary and the shares soaring in the aftermarket. While this success gave the city’s stock market a much-needed boost, other issuers would be mistaken in thinking that such liquidity is also available to them.
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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Intesa Sanpaolo EUR750m 0.75% Dec 24 green
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Commerzbank EUR500m 0.5% Dec 26
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Islamic Development Bank EUR1bn 0.037% Dec 24
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Nykredit Realkredit EUR500m 0.25% Jan 23 non-preferred
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NN Bank EUR500m 0.375% Feb 25
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Caixa Geral de Depósitos EUR500m 1.25% Nov 24 non-preferred
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UK DMO GBP2.25bn Inflation linker Aug 41 tap
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Rentenbank EUR1bn 0% Nov 29
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Land NRW EUR1bn 0% Nov 29, EUR1.5bn 0.5% Nov 39, sustainable bond
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Kommuninvest USD1bn 1.625% Apr 23 green bond
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Arab Republic of Egypt USD500m 4.55% Nov 23, USD1bn 7.05% Jan 32, USD500m 8.15% Nov 59
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KfW EUR1bn FRN Nov 22
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EFSF EUR1.5bn 0.05% Oct 29 tap
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EAA EUR1bn 0% Nov 22
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BNG EUR750m 0.05% Nov 29 sustainability bond
All International Bonds
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | JPMorgan | 382.58 | 1783 | 8.34% |
2 | Citi | 353.07 | 1524 | 7.70% |
3 | Bank of America Merrill Lynch | 303.84 | 1316 | 6.62% |
4 | Barclays | 273.76 | 1151 | 5.97% |
5 | HSBC | 225.75 | 1249 | 4.92% |
Bookrunners of All Syndicated Loans EMEA
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | BNP Paribas | 57.17 | 234 | 8.33% |
2 | Credit Agricole CIB | 44.53 | 208 | 6.48% |
3 | JPMorgan | 34.03 | 99 | 4.96% |
4 | UniCredit | 30.44 | 162 | 4.43% |
5 | SG Corporate & Investment Banking | 30.18 | 151 | 4.39% |
Bookrunners of all EMEA ECM Issuance
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | JPMorgan | 13.16 | 82 | 8.24% |
2 | Goldman Sachs | 12.81 | 65 | 8.02% |
3 | Morgan Stanley | 12.18 | 55 | 7.62% |
4 | Citi | 10.09 | 71 | 6.32% |
5 | Credit Suisse | 6.93 | 38 | 4.34% |