Top stories
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US and EU lock horns on clearing house agreement
The impasse between European and US regulators on the mutual recognition of each other’s clearing supervision regimes shows no sign of a breakthrough, as representatives from both authorities clashed at the Institute of International Finance spring membership meeting in Brussels this week.
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Senior derivatives strategist leaves BNP Paribas
Antoine Porcheret, a senior equity derivatives strategist at BNP Paribas in London, has left the French bank.
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Learning Curve: ISDA Common Domain Model
Proponents of the ISDA Common Domain Model say that if properly implemented, it could generate major cost savings for financial institutions. But what is it, what prompted its creation and how could it work with distributed ledger technology?
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Deutsche unveils deep cuts to equities, but corporate finance spared — for now
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Ahead of its AGM on Thursday in Frankfurt, Deutsche Bank announced it had finished the review of its equities business, and planned to cut headcount and prime finance leverage by a quarter — as part of package of cuts that will see more than 7,000 jobs lost at the bank.
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BoE's Carney gives no quarter in preparing Libor's demise
Governor of the Bank of England Mark Carney on Thursday urged markets to adopt alternative benchmarks to Libor like Sonia, saying that Libor was "overly reliant on expert judgment rather than actual transactions".
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Plaintiffs run into obstacle in swaps antitrust case
Plaintiffs in an antitrust case that has pulled in most big rates players in the US swaps market have been beaten back in their efforts to file a third amended complaint.
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Contagion too early to call with Italian drama
Bismarck said politics was the art of the possible. Holders of sovereign bonds issued by eurozone peripherals will be hoping this aphorism applies to Italy's incoming government.
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Ex-MSCI director emerges at State Street
A former executive director at the index provider MSCI has begun a new job at State Street, GlobalCapital has learnt.
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FANG+ cash-settled options coming to NYSE
The New York Stock Exchange is set to launch options on its tech FANG+ index on June 11 this year.
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CFTC makes another push to regulate crypto
The Commodity Futures Trading Commission on Monday made two big moves to develop the oversight of cryptocurrencies and their derivatives, revealing a new agreement with state regulators and fresh rules for exchanges and clearing houses.
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SGX faces legal challenge on Indian derivs solution
Singapore Exchange has hit another obstacle in its fight to hold on to its part of the offshore market for Indian equities after the National Stock Exchange of India took legal action against it.
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Goldman and Blackstone sell Ipreo to IHS Markit
Leading bookbuilding and data firm Ipreo, owned by Goldman Sachs and Blackstone, has been sold to data provider IHS Markit for $1.855bn, a move that could change the balance in the battle for the next generation of primary markets technology.
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Smart beta adoption grows again, but pace slows
Institutional asset owners have increased their use of smart beta strategies in 2018, but the adoption rate has slowed compared with recent years, according to a survey by index provider FTSE Russell.
Latest awards
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GlobalCapital Americas Derivatives Awards 2018: the winners
GlobalCapital is pleased to announce the winners for this year’s Americas Derivatives Awards. The results were announced at a gala dinner at the Metropolitan Club in New York on Thursday. The awards honour the firms and innovations that have pushed the derivatives market forward over the last 12 months.
Comment
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One order book to rule them all
IHS Markit’s purchase of Ipreo marks a major step forward in getting the primary bond markets to finally agree on a Street-wide technology standard. But it’s still not the standard the market deserves.
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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Sydbank EUR100m PNC7.25 AT1
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EIB EUR500m 1.125% Nov 32 Climate Awareness Bond
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Unédic EUR1bn 1.25% May 33
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Innogy EUR500m 0.75% 4.5 year, EUR500m 1.625% 8 year
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UK GBP6bn 1.625% Oct 71
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SEK USD1bn 2.875% May 21
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AfDB EUR1.25bn 0.875% May 28 social bond
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ADB EUR1.25bn 0.2% May 23
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ESM EUR2bn 1.2% May 33
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Kommuninvest USD1bn 2.875% Mar 21
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NRW.Bank EUR1bn 0.5% May 25
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Enel EUR500m 2.5% 60.5NC5.5 year, EUR750m 3.5% 63.5NC8.5 year
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United Technologies Corp EUR750m 3mE+20 2 year, EUR750m 1.15% 6 year, EUR500m 2.15% 12 year
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CEB EUR1bn 0.125% May 23
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Danske Bank EUR1.25bn 0.875% May 23 non-preferred
All International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 165,175.88 | 645 | 7.88% |
| 2 | JPMorgan | 156,487.83 | 676 | 7.46% |
| 3 | Bank of America Merrill Lynch | 152,294.90 | 499 | 7.26% |
| 4 | Barclays | 132,291.23 | 454 | 6.31% |
| 5 | HSBC | 113,665.79 | 526 | 5.42% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 26,573.45 | 32 | 9.73% |
| 2 | Citi | 16,837.08 | 38 | 6.17% |
| 3 | SG Corporate & Investment Banking | 15,661.30 | 47 | 5.73% |
| 4 | Deutsche Bank | 14,193.64 | 44 | 5.20% |
| 5 | Bank of America Merrill Lynch | 13,028.84 | 31 | 4.77% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Goldman Sachs | 6,961.44 | 31 | 9.14% |
| 2 | JPMorgan | 6,815.38 | 29 | 8.95% |
| 3 | UBS | 5,503.59 | 15 | 7.22% |
| 4 | Citi | 5,145.98 | 30 | 6.75% |
| 5 | Deutsche Bank | 4,303.27 | 25 | 5.65% |
