Top stories
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CFTC’s Behnam flags CCP governance concerns
Rostin Behnam, a commissioner at the US Commodity Futures Trading Commission, on Tuesday flagged potential issues in the governance and risk management of clearing houses (CCPs).
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ISDA steps away from credit determinations admin role
The International Swaps and Derivatives Association (ISDA) has moved away from its role as secretary of the special committees that rule on whether or not credit events have taken place that would trigger credit default swap payouts.
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ISDA updates close-out netting document
The International Swaps and Derivatives Association (ISDA) on Tuesday released an updated version of its Model Netting Act, a guide for legislators looking to properly institute close-out netting rules.
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UK regulators ratchet up pressure on banks over climate change
The Bank of England announced on Monday a consultation on a package of measures to tighten its scrutiny of banks’ and other financial firms’ readiness for climate change. The Bank’s approach is gradualist, but it is signalling clearly that firms must take the financial risks from climate change seriously, and that regulation in this area will be ramped up.
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Global sell-off rocks capital markets
A sharp sell-off in US equities on Wednesday led to global panic on Thursday as other indices followed suit. Asian and European markets showed some sign of life on Friday, although were still a long way down, but the ramifications of a change in risk sentiment could have lasting effects across capital markets, write Sam Kerr, Ross Lancaster, Costas Mourselas, Craig McGlashan and Aidan Gregory.
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Tobam founder attacks passive investing
Yves Choueifaty, founder and president of Tobam, talks to GlobalCapital about carbon footprints, public debt, cryptocurrencies, and how passive investment is "the only industry in the world in which people do nothing for a living and then they claim they are cheap".
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Vol woes leave strategists pondering bear market
Equity markets in the UK, US and eurozone sold off late Wednesday and on Thursday, leading to a mixed reaction from equity derivatives strategists.
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Astaldi event proves a reminder of CDS intricacies
Credit market veterans are all too aware that the determination of CDS credit events is far from straightforward.
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How to fix a $512bn Libor problem
There are more than $512bn worth of bonds that will need to switch to an alternative reference rate if global regulators execute plans to ditch the Libor benchmark by the end of 2021, Linklaters said on Wednesday. GlobalCapital asked the law firm what needs to happen for a successful switchover.
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ICE releases alt-Libor term rates tool
The benchmarking arm of Intercontinental Exchange (ICE) opened an online portal on Wednesday that gives market participants information on alternative risk-free rates designed to replace the Ibors, as well as forward-looking term rates based on the sterling overnight index average (Sonia).
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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BoE's Brexit intervention is welcome
Tuesday’s intervention by the Bank of England into the debate on the future of euro clearing is another welcome move from regulators. The debate has been too long dominated by political noisemaking.
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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KBN USD1.5bn 3.125% Oct 21
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Land NRW USD1bn FRN Oct 20
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KfW USD4bn 3.125% Dec 21
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Ontario USD2.5bn 3.4% Oct 23
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AFD EUR1bn 1.5% Oct 34
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Ireland EUR3bn 1.35% Mar 31 green bond
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UK GBP5.25bn 1.625% Oct 71
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SGP EUR1.75bn 1.125% Oct 28 green bond
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ESM EUR3bn 0% Jan 22
-
FADE EUR1bn 0.85% Dec 23
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Western Power Distribution £350m Oct 2026
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CPI Property EUR600m 1.45% Apr 22
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Lloyds Banking Group USD1.5bn 7.5% PNC7 AT1
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DBJ EUR700m 0.875% Oct 25 sustainability bond
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ADB £600m FRN Oct 23
All International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 300,564.69 | 1167 | 8.07% |
| 2 | JPMorgan | 292,705.55 | 1273 | 7.86% |
| 3 | Bank of America Merrill Lynch | 274,298.19 | 930 | 7.36% |
| 4 | Barclays | 227,796.85 | 849 | 6.12% |
| 5 | Goldman Sachs | 201,953.92 | 668 | 5.42% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 43,084.26 | 173 | 7.10% |
| 2 | JPMorgan | 38,694.99 | 77 | 6.38% |
| 3 | Credit Agricole CIB | 32,927.59 | 157 | 5.43% |
| 4 | UniCredit | 32,342.86 | 144 | 5.33% |
| 5 | SG Corporate & Investment Banking | 31,187.44 | 119 | 5.14% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 12,840.88 | 54 | 8.97% |
| 2 | Goldman Sachs | 12,059.06 | 58 | 8.42% |
| 3 | Citi | 9,451.48 | 53 | 6.60% |
| 4 | Morgan Stanley | 8,054.41 | 48 | 5.62% |
| 5 | UBS | 7,829.15 | 30 | 5.47% |
