Top stories
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FIA calls for public scrutiny of 'de minimis' calculation
The Futures Industry Association (FIA) has called for greater transparency in efforts by US regulators to determine the method for calculating the notional threshold at which dealers have to be registered as swap dealers.
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Turkey five year CDS jumps as Erdogan defiant
The cost of insuring Turkish government debt has shot up as Turkey’s president Recep Tayyip Erdogan has refused to give way in a dispute with the United States.
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R.J. O'Brien appoints chief strategy officer
Chicago-based futures brokerage R.J. O'Brien and Associates (RJO) has appointed Stephen Brodsky to its newly created chief strategy officer role, the company said on Wednesday.
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Negative rates need special treatment for derivs contracts, says Mayer Brown
A note by law firm Mayer Brown has advised counterparties trading with ISDA documentation to consider special amendments if they want their contracts to take into account the effects of negative interest rates, referencing a recent court decision.
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World Bank grabs $1bn with SOFR debut amid fair value debate
World Bank took $1bn for its first trade linked to the Secured Overnight Financing Rate (SOFR) on Tuesday as bankers debated the best way to find fair value for the new product.
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Turkey exposes European stocks over manic 48 hours
Two days of market chaos caused by the rapid devaluation of Turkey’s currency on Friday and Monday hit the shares of European companies over their exposure to the country, but the risk of a systemic crisis is low.
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Default resources concentrated at two CCPs, say watchdogs
Financial resources dedicated to protecting central counterparties from defaults are becoming increasingly concentrated at two CCPs, according to a report by global watchdogs released on Thursday.
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Turkey drama shines light on robust CDS liquidity
Emerging market sovereigns are regarded as stalwarts of the credit default swaps (CDS) market. Their liquidity is dependable, and participants can usually trade in large size with relatively low transaction costs and little price impact.
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Rates derivatives trading surges on Tradeweb
Electronic trading platform Tradeweb has enjoyed a huge spike in interest rate derivatives trading this year, reporting a 118% year-to-date increase in average daily volume for the products compared to 2017.
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Barclays hires senior structurer from Goldman
Barclays has hired Dean Galligan from Goldman Sachs as head of cross asset structuring solutions.
Latest awards
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GlobalCapital Global Derivatives Awards 2018: the nominees
GlobalCapital is pleased to announce the shortlist for its Global Derivatives Awards 2018.
Comment
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Byte Me: Crypto flying right?
Surprising exactly no one, big beast exchange ICE has joined its peers and entered the cryptocurrency market in earnest. More than eight months after competitors Cboe and CME launched cash-settled bitcoin futures contracts, this month ICE revealed Bakkt, a “global platform and ecosystem for digital assets”.
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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Volkswagen Leasing €1bn 0.25% Feb 2021, €750m Feb 2023, €750m Aug 2025
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BNP Paribas USD750m 7% PNC10 AT1
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Eskom $1bn 6.35% Aug 28, $500m 8.45% Aug 28
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World Bank EUR750m 1.2% Aug 34
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IFC USD2bn 2.875% Jul 23
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ESM EUR4bn 0.1% Jul 23
-
EBRD GBP450m FRN Jul 23
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EIB CAD1bn 2.25% Jul 21
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Prologis €750m 1.875% January 2029
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Terna €750m 3% July 2023
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World Bank USD5bn 2.75% Jul 21
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BNG EUR750m 0.75% Jan 28 tap
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Citigroup EUR1.75bn 1.5% Jul 26
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UK GBP3.25bn 0.125% Aug 41 linker
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KDB EUR500m 0.625% Jul 23
All International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 239,928.76 | 921 | 8.16% |
| 2 | JPMorgan | 222,471.63 | 995 | 7.57% |
| 3 | Bank of America Merrill Lynch | 215,931.77 | 721 | 7.34% |
| 4 | Barclays | 184,694.55 | 670 | 6.28% |
| 5 | Goldman Sachs | 158,679.40 | 515 | 5.40% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 32,522.19 | 61 | 6.59% |
| 2 | BNP Paribas | 32,284.10 | 130 | 6.54% |
| 3 | UniCredit | 26,992.47 | 123 | 5.47% |
| 4 | SG Corporate & Investment Banking | 26,569.73 | 97 | 5.38% |
| 5 | Credit Agricole CIB | 23,807.36 | 111 | 4.82% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Goldman Sachs | 10,167.68 | 46 | 8.82% |
| 2 | JPMorgan | 9,894.90 | 42 | 8.58% |
| 3 | Citi | 8,202.25 | 45 | 7.11% |
| 4 | UBS | 6,098.17 | 23 | 5.29% |
| 5 | Credit Suisse | 5,236.02 | 28 | 4.54% |
