Top stories
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Central bank role scrutinised in EU clearing house debate
Representatives from European Union (EU) member states were debating the role of central banks within the EU on Tuesday, as part of discussions over controversial proposals for a new framework for supervising clearing houses.
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EU member states push back on ESA review
European Union governments have pushed back against the European Commission’s proposed changes to the bloc’s financial regulators, opting to roll back the centralisation of power to independent executive boards.
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Learning Curve: an introduction to inline warrants
Inline warrants are growing in popularity as a means of generating returns when volatility is low.
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LCH eyes swaptions market with new service
London-based clearing house LCH has started processing swaption trades through its SwapAgent service, making a play for the largely uncleared market.
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UK credit bashed wider by Brexiteer resignations
When market makers start sending runs (lists of prices) based on nation states rather than sectors it may be a harbinger of fundamental change in how European credit is traded.
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ESG index tally grows 60% in one year
The number of indices that give exposure to environmental, social and governance (ESG) causes has grown by 60% in the last year, according to a survey conducted by trade body, the Index Industry Association (IIA).
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EC to UK clearing houses: pre-apply for hard Brexit
The European Commission, on Tuesday, told UK clearing houses and securities depositories to pre-apply to the European Securities and Markets Authority (ESMA) for recognition, should hard Brexit take place.
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ESMA reveals Brexit derivatives relief amid contract uncertainty
The European Securities and Markets Authority (ESMA) has unveiled regulatory relief for EU counterparties that have non-cleared derivatives agreements with UK entities. The measures aim to help alleviate increased costs that may kick in due to a no-deal Brexit.
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Brexit barriers could impact Sonia, says BoE group
The sterling overnight index average (Sonia), the rate chosen to replace sterling Libor by regulators, may suffer from a “bifurcation of… sterling money markets” after Brexit, according to a Bank of England Sonia Oversight Committee.
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Financial services on alert as EU digital tax threatens overreach
The financial world is looking at proposed European taxes on the digital sector with growing alarm, as a lack of clarity in the planned levy threatens to capture financial services providers, writes Ross Lancaster.
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BNPP taps 80-90 global markets staff for possible relocation
BNP Paribas has told between 80 and 90 London-based people in its global markets division that they may need to relocate to the EU in the event of a hard Brexit.
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ISDA chief calls for Brexit clearing clarity
The chief executive of derivatives industry body ISDA has called for more clarity from the European Union over plans to help mitigate the disruptive impact of a no-deal Brexit on derivatives markets.
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SEF reform arrives, getting rough ride from Berkovitz
The US Commodity Futures Trading Commission has finally put forward its much anticipated proposed rules to amend regulation of swap execution facilities.
Latest awards
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Global Derivatives Awards 2018: the winners
GlobalCapital is delighted to announce the winners of its 2018 Global derivatives awards, which were unveiled at the Jumeirah Carlton Tower in London on Tuesday September 25.
Comment
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The Swiss crypto treatment is generous
Prudential regulators around the world have mostly confined themselves to pieties when it comes to cryptocurrencies, warning of the need to monitor markets, avoid stifling innovation, but making few concrete moves.
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Bond Comments
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Volkswagen International Finance €1.25bn Nov 2024, €750m Nov 2026, €1bn Nov 2030, €1.25bn Nov 2038, £350m Nov 2026, £450m Nov 2031
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APRR €500m Jan 2030
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World Bank USD600m 3.125% Nov 25 green bond, World Bank EUR600m 0.625% Nov 27 green bond
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Flemish Community EUR500m 1.375% Nov 33 sustainability bond
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Bpifrance EUR500m 0.625% May 26
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NMC USD400m 6% Nov 23
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Gazprom EUR1bn 2.949% Jan 24
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Nigeria USD1.1bn 7.625% Nov 25, USD1bn 8.75% Jan 31m, USD750m 9.25%
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BNP Paribas EUR500m 2.375% 12NC7 tier two
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EDC GBP500m FRN Nov 21
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Rentenbank USD1.25bn 3.125% Nov 23
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NWB EUR600m 1.5% Jun 39 affordable housing bond
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Eurofima USD500m FRN Nov 21
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EFSF EUR4bn 0.2% Jan 24
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Legal & General GBP400m 5.125% 30NC10 tier two
All International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 328,982.98 | 1272 | 8.11% |
| 2 | JPMorgan | 320,525.86 | 1391 | 7.90% |
| 3 | Bank of America Merrill Lynch | 295,678.15 | 1012 | 7.29% |
| 4 | Barclays | 247,860.38 | 923 | 6.11% |
| 5 | Goldman Sachs | 218,821.95 | 732 | 5.39% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 46,136.68 | 182 | 7.00% |
| 2 | JPMorgan | 44,443.20 | 92 | 6.75% |
| 3 | UniCredit | 35,639.50 | 153 | 5.41% |
| 4 | Credit Agricole CIB | 33,211.72 | 160 | 5.04% |
| 5 | SG Corporate & Investment Banking | 32,419.80 | 126 | 4.92% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 13,755.50 | 61 | 8.97% |
| 2 | Goldman Sachs | 13,204.47 | 65 | 8.61% |
| 3 | Citi | 9,716.40 | 55 | 6.34% |
| 4 | Morgan Stanley | 8,471.86 | 53 | 5.53% |
| 5 | UBS | 8,248.12 | 34 | 5.38% |
