Top stories
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ECB makes power play over clearing in leaked doc
The European Central Bank (ECB) has proposed new powers that could allow it to control elements of foreign clearing houses’ operations (CCPs) in “exceptional” crisis situations, according to a leaked position paper. This is likely to escalate already tense relations with US regulators.
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Stoxx targets LDI with indices, laying ground for derivatives
Stoxx on Thursday announced the launch of indices for the liability driven investment industry, products that are ready suited for derivative contract creation.
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Banks get hot under the collars in solutions business re-boot
Controls have been tightened after the high-profile losses that banks took on margin loans when retail conglomerate Steinhoff ran into trouble late last year. But strategic equity solutions businesses remain central to equity capital markets, writes David Rothnie.
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Three firms launch initial margin repapering platform
Allen & Overy, IHS Markit and Smart Communications subsidiary SmartDX on Thursday announced that they had launched a platform to speed up the repapering of derivatives contracts, in anticipation of new regulatory requirements.
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CDS options set to flare as vol returns
Fundamental factors rightly garner the most attention when investors try to ascertain why markets move. Even if one regards markets as perfectly efficient and favour index tracking, it would be foolhardy to completely ignore real world influences when managing money.
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ICE decides on June date for its Sonia futures launch
Intercontinental Exchange on Wednesday announced that it would be launching its three month futures on regulators’ chosen successor for Libor, the sterling overnight index average, on June 1.
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Small by default: China’s CDS market remains tiny
China’s cautious approach to credit default swaps (CDS) has left the market a minnow compared with other large financial systems. Paolo Danese investigates.
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Trump to nominate Berkovitz for CFTC spot
US President Donald Trump will nominate lawyer Dan Berkovitz to be a commissioner at the Commodity Futures Trading Commission, the White House revealed on Monday.
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Cboe SEF launches two new currency NDFs
A swap execution facility (SEF) owned by the Chicago Board Options Exchange (CBOE) has started trading two new foreign exchange non-deliverable forwards (NDFs), it was revealed on Tuesday.
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Learning Curve: CCP switching post-Brexit
Not a day goes by without some analyst, regulator or senior exchange executive weighing in on where the clearing of euro swaps should reside post-Brexit.
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IHS Markit acquires French derivatives valuation outfit
IHS Markit announced on Monday that it had acquired Paris-based DeriveXperts, a company that provides independent valuations of over-the-counter (OTC) derivatives.
Latest awards
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GlobalCapital Americas Derivatives Awards 2018: the nominees
GlobalCapital is pleased to announce the nominees for this year’s Americas Derivatives Awards.
Comment
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Libor needs a revival, not a funeral
The derivatives industry is engaging with efforts to create credible alternative reference rates to Libor, but three years is too little time to achieve this and more attention needs to focus on the existing benchmark itself.
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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EIB USD1.5bn 2.875% Jun 25 Climate Awareness Bond
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JFM USD1bn 3.25% Apr 23
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IDA USD1.5bn 2.75% Apr 23
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KfW EUR5bn 0.375% Apr 25
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Bawag EUR300m 5% PNC7 AT1
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KBC Group EUR1bn 4.25% PNC7.5 AT1
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Ontario EUR1.5bn 0.625% Apr 25
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Alberta EUR1.5bn 0.625% Apr 25
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Portugal EUR3bn 2.25% Apr 34
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IADB USD4bn 2.625% Apr 21
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EFSF EUR3bn 0.625% Oct 26
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BNG EUR1.75bn 0.5% Apr 25
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Ireland EUR4bn 1.3% May 33
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ABN Amro EUR750m 0.875% Apr 25 green
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CaixaBank EUR1bn 2.25% Apr 30 tier two
All International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 137,684.72 | 518 | 8.06% |
| 2 | JPMorgan | 129,498.00 | 535 | 7.58% |
| 3 | Bank of America Merrill Lynch | 114,225.75 | 384 | 6.69% |
| 4 | Barclays | 99,473.36 | 357 | 5.83% |
| 5 | Goldman Sachs | 97,629.05 | 275 | 5.72% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 20,423.32 | 23 | 9.47% |
| 2 | SG Corporate & Investment Banking | 14,215.71 | 38 | 6.59% |
| 3 | Deutsche Bank | 13,118.70 | 35 | 6.08% |
| 4 | Bank of America Merrill Lynch | 12,117.87 | 27 | 5.62% |
| 5 | Citi | 11,366.88 | 31 | 5.27% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Goldman Sachs | 5,907.08 | 27 | 10.40% |
| 2 | JPMorgan | 4,381.89 | 22 | 7.72% |
| 3 | Citi | 4,165.68 | 23 | 7.34% |
| 4 | Deutsche Bank | 4,050.74 | 23 | 7.13% |
| 5 | UBS | 2,626.72 | 9 | 4.63% |
