Top story
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Tarbert begins term as CFTC chair
Heath Tarbert has taken over the reins as chairman of the US Commodity Futures Trading Commission. Tarbert becomes the fourteenth chairman of the CFTC, succeeding Christopher Giancarlo.
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ESMA slaps Regis-TR with €56,000 fine
The European Securities and Markets Authority has fined trade repository Regis-TR €56,000 for failing to provide direct and immediate access to details of derivative contracts to regulators.
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RBC hires Coutte for new trading role
Former Lloyds Banking Group trader Christophe Coutte will join RBC Capital Markets as head of macro trading Europe.
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SEC warns of ‘exacerbated’ risks from delaying transition from Libor
The Securities and Exchange Commission (SEC) has published a report highlighting the urgency for market participants to speed up the discontinuation and transition away from Libor to alternative reference rates.
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Morgan Stanley joins CDSClear
Morgan Stanley has become the latest firm to establish itself as a clearing broker at CDSClear, the Paris-based clearing house of LCH.
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NatWest offers online calculator to ease Sonia transition
NatWest Markets has published a free online calculator market participants can use to work out compounded daily Sonia — the rate that looks set to replace sterling Libor from January 2022.
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Tradeweb trading volumes soar
Tradeweb, the derivatives and fixed income trading platform, has reported record trading volumes.
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LCH sets new clearing records
LCH has reported record clearing volumes for the first half of the year thanks to buoyant trading conditions, new product launches and growth in customers.
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‘Net short’ defence language could prove useless in bonds
Language to prevent ‘net short’ debt activist investors manipulating distressed corporates to benefit CDS positions could prove ineffective in bond documentation, shutting down the changes almost as soon as they have been introduced in the market.
Latest awards
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GlobalCapital Global Derivatives Awards 2019: the nominees
GlobalCapital is pleased to announce the nominees for this year’s Global Derivatives Awards.
Comment
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‘Net short’ language crosses a line
Leveraged loan and high yield bond documentation is starting to see a new feature creep in — anti “net short” language, which attempts to stop creditors that are short the company from getting a place at the table in a restructuring. The funds targeted by the new provisions aren’t exactly the cuddliest citizens of the capital markets, but they won’t be the only casualties.
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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Tunisia EUR700m 6.375% Jul 26
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EFSF EUR2bn 0.05% Jul 29, EUR1bn 1.75% Jul 53 tap
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UK GBP2.5bn 0.125% Aug 41 linker tap
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Italy EUR3bn 2.8% Mar 67
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Banco de Sabadell EUR1bn 0.875% Jul 25
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Saudi Arabia €1bn 0.75% Jul 27, €2bn 2% Jul 39
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KfW USD4bn 1.75% Aug 22
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EIB GBP400m 2.50% Oct 22 tap
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MuniFin EUR500m 0.05% Sep 29 green bond
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Asfinag EUR600m 0.10% Jul 29
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KfW GBP300m 1% Dec 22 tap
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Bpifrance EUR750m 0.625% May 26 tap
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KfW EUR1bn 0.25% Sep 25 tap
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Skandinaviska Enskilda Banken EUR1bn 0.05% Jul 24
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UniCredit EUR750m 1.625% Jul 25 non-preferred senior
All International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 220,923.99 | 993 | 8.24% |
| 2 | Citi | 207,414.87 | 865 | 7.74% |
| 3 | Bank of America Merrill Lynch | 170,992.39 | 718 | 6.38% |
| 4 | Barclays | 161,566.17 | 657 | 6.03% |
| 5 | HSBC | 132,739.21 | 719 | 4.95% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 27,275.91 | 109 | 7.96% |
| 2 | Credit Agricole CIB | 25,297.00 | 103 | 7.39% |
| 3 | JPMorgan | 21,834.93 | 53 | 6.37% |
| 4 | Bank of America Merrill Lynch | 21,222.68 | 53 | 6.20% |
| 5 | SG Corporate & Investment Banking | 16,639.52 | 78 | 4.86% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 7,363.27 | 46 | 9.68% |
| 2 | Morgan Stanley | 7,283.40 | 35 | 9.57% |
| 3 | Goldman Sachs | 6,673.27 | 34 | 8.77% |
| 4 | Citi | 5,594.80 | 40 | 7.35% |
| 5 | UBS | 4,691.07 | 23 | 6.17% |
