Rabobank top stories-
Rigging Libor was wrong but so is tossing away the benchmark
UBS and Citi trader Tom Hayes was jailed for 11 years for manipulating Libor. But while the trader argued that he was made a scapegoat for the financial crisis, perhaps the rate he rigged is a bigger victim.
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Years after Libor scandal, experts argue benchmark should stay
As the market prepares for Libors to end their run as the world’s most prevalent reference rates, there is growing support for the benchmarks to be reprieved.
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Rabobank appoints new Asia capital markets head
Rabobank has appointed Ian Baggott from the Loan Market Association to lead its Asia capital markets team, effective in August.
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SSA DCM banker rejoins NatWest Markets
A public sector debt capital markets banker is returning to NatWest Markets, where she worked between 2010 and 2017, GlobalCapital understands.
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NIBC suffers 15% increase in RWAs after TRIM review
NIBC Bank said on Tuesday that its risk-weighted asset base would grow by more than €1bn, as a result of the European Central Bank’s targeted review of internal models (TRIM). Model changes demanded by the Dutch regulator made its common equity tier one (CET1) ratio slump from 18.5% to 16.1%.
Latest market news
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ChemChina seeks consent to amend old loan
China National Chemical Corp (ChemChina) is seeking lenders’ consent to amend terms of a $5.5bn dual-tranche loan sealed last year, as it undergoes a debt restructuring, according to bankers.
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Barclays attracts £7.5bn of orders for blowout sterling AT1
Barclays has become the second financial institution to issue an additional tier one (AT1) in the sterling market this week, supported by a quiet backdrop in UK politics and healthy investor demand. The issuer was 7.5 times subscribed for its £1bn deal.
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European auto ABS navigates market volatility
Sterling paper dominated European securitization issuance last week as issuers rushed ahead of further Brexit developments, with a particular focus on the auto ABS market, which saw three deals clear the pipeline.
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Kerry Group first IG borrower off the blocks after ECB meeting
The Kerry Group, the Irish Baa2/BBB+ rated food and beverage company, became the first European investment grade company to issue bonds after the European Central Bank meeting on Thursday.
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Loans in brief: September 13, 2019
Two UK airports set to sell US private placements - Market first as Northern Irish housing association seeks US PPs - Kernel set to secure yet another facility, as EBRD continues Ukrainian push - RMB Mauritius secures loan, months after dollar debt transfer
Rabobank In The Key League Tables
| Asset | Rank | STLY | Amount $m | No of issues | Share % | STLY Share % |
|---|---|---|---|---|---|---|
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| Syndicated Loan Revenue | 20 | 34 | 36.33 | 57 | 1.27% | 0.69% |
| EMEA M&A Revenue | 25 | 43 | 12.71 | 15 | 0.69% | 0.37% |
| Bookrunners of Euro Denominated Covered Bond Above €500m | 23 | 25 | 1,421.29 | 5 | 1.51% | 0.95% |
| Bookrunners of European Structured Finance | 14 | 12 | 1,719.26 | 4 | 2.67% | 3.00% |
| Bookrunners of All Syndicated Loans EMEA | 25 | 26 | 4,915.60 | 30 | 1.08% | 1.29% |
| Bookrunners of European Marketed Syndicated Loans | 25 | 26 | 4,915.60 | 30 | 1.08% | 1.29% |
| Dealer League Table BNG | 20 | 13 | 68.30 | 1 | 0.46% | 3.40% |
| Dealer League Table NWB | 9 | 307.57 | 2 | 5.69% | ||
| Dealer League Table L-Bank | 10 | 191.91 | 2 | 3.36% | ||
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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EIB EUR3bn 0.05% Oct 34
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Bpifrance EUR1.25bn 0.05% Sep 29
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Rentenbank USD1bn 1.75% Sep 21
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NIB EUR500m 0% Sep 26 green bond
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KfW EUR4bn 0% Sep 26
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CEB USD1bn 1.75% Sep 19
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Sibur USD500m 3.45% Sep 24
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Afreximbank USD750m 3.994% Sep 29
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Nationwide Building Society GBP600m 5.875% PNCDec 24 AT1
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CIBC GBP300m 1.625% Sep 25
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MetLife EUR500m 0% Sep 22
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Raiffeisen Bank International EUR750m 0.375% Sep 26
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Banca Monte dei Paschi di Siena EUR500m 3.625% Sep 24
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IADB USD600m FRN Sep 22
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KfW USD2bn 1.75% Sep 29 green bond
All International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 299,908.40 | 1348 | 8.58% |
| 2 | Citi | 269,633.69 | 1139 | 7.71% |
| 3 | Bank of America Merrill Lynch | 233,702.48 | 955 | 6.69% |
| 4 | Barclays | 215,977.22 | 873 | 6.18% |
| 5 | Goldman Sachs | 171,316.37 | 716 | 4.90% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 34,547.72 | 148 | 7.49% |
| 2 | Credit Agricole CIB | 33,319.19 | 143 | 7.23% |
| 3 | JPMorgan | 25,404.62 | 68 | 5.51% |
| 4 | Bank of America Merrill Lynch | 23,368.44 | 65 | 5.07% |
| 5 | SG Corporate & Investment Banking | 22,565.04 | 105 | 4.89% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 9,273.57 | 56 | 10.30% |
| 2 | Morgan Stanley | 8,122.33 | 40 | 9.02% |
| 3 | Goldman Sachs | 7,738.32 | 41 | 8.59% |
| 4 | Citi | 6,426.54 | 47 | 7.14% |
| 5 | UBS | 4,913.18 | 26 | 5.46% |
