Top story
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EU working to Brexit deadline for relocation
The European Parliament and European Union member states are holding talks on a set of EMIR amendments that would, in advance of Brexit, firm up European powers to relocate clearing houses (CCPs) of systemic importance for the euro.
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UK Lords hear out CCP cost risks of Brexit
EU27 end-users of derivatives could face large post-Brexit cost increases that will ultimately be passed onto consumers, UK parliamentarians heard on Wednesday.
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Deutsche Börse derivs up amid profit drop
Deutsche Börse has reported a sharp fall in fourth-quarter profits despite a strongly positive contribution from financial derivatives amid increased market volatility.
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Commerz readies for Brexit by moving jobs and clearing activity
Commerzbank has faced some resistance from staff over moves from the UK to continental Europe in preparation for Brexit, although the bank says those who have moved have no regrets. Meanwhile, margin pressure has been weighing on the bank’s corporate clients division, but there were positive signs in its financial institutions business last quarter.
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Maijoor warns of Brexit challenges, need for new tools
The European Securities and Markets Authority (ESMA) has warned of the regulatory challenges posed by a no-deal Brexit amid continued uncertainty surrounding London’s status as a post-Brexit clearing hub for euro derivatives.
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Performance fees offset deriv loss for Natixis
Two numbers stood out in Natixis’ fourth quarter results: the €259m loss from Asian equity derivatives, and the €249m of performance fees generated by its asset and wealth management business.
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Armenia repo stream deepens after third structured EBRD deal
Armenia is to increasingly tap the repo market for its funding needs following three landmark transactions between Armenian banking group Armswissbank and the European Bank for Reconstruction and Development (EBRD).
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EU time-pressured to give supervisors more powers
The European Council on Tuesday confirmed its position on the review of the European system of financial supervision. It maintained that supervisors should not be funded by private firms, but agreed to give the European Securities and Markets Authority (ESMA) more power. But there is now a rush to find an agreement with the European Parliament before its members go on leave for May’s elections.
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Liquidnet hires president from Fidelity
Trading network Liquidnet has appointed Brian Conroy as president with a mandate to grow the business organically and through acquisitions.
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MSCI warns against reliance on CDS for hedging needs
MSCI advised clients to move away from credit default swaps (CDS) as a means of hedging credit risk, as research said it may no longer be the most effective method of making short-term hedging bets.
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Euronext raises offer in Oslo Børs bidding war
Euronext has raised its offer to buy Norwegian exchange group Oslo Børs, firing the latest shot in a bidding war with rival Nasdaq.
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ICBC Standard Bank hires market risk and analytics specialists in London
ICBC Standard Bank has hired Daniel Britz and Brendan Melvin to join its risk management department.
Latest awards
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GlobalCapital Americas Derivatives Awards 2019: the nominees
GlobalCapital is pleased to announce the nominees for its 2019 Americas Derivatives awards.
Comment
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Green knowledge is not an efficient market
Biofuels have swollen thanks to policies to combat climate change — even though often, they do not help the problem and can make it worse. This is a shocking record, born of ignorance, both accidental and wilful.
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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BBVA EUR750m 2.572% Feb 29 T2
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Société Générale EUR1.75bn 1.25% Feb 24 non-preferred senior
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UniCredit EUR750m 4.875% Feb 29 tier two
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Zurich Insurance EUR500m 2.75% Feb 49 tier two
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Turkey USD2bn 5.8% Feb 22 sukuk
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Latvia EUR700m 1.875% Feb 49
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Uzbekistan USD500m 4.75% Feb 24, $500m 5.375% Feb 29
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Bank of England USD2bn 2.5% Feb 22
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Balearic Islands EUR400m 1.549% Nov 28
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FMO USD500m 2.75% Feb 24 green bond
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AFD EUR700m 0.375% Apr 24 tap
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EFSF EUR3bn 0% Apr 24, EFSF EUR1.5bn 1.7% Feb 43 tap
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EDC USD2bn 2.625% Feb 24
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EIB USD3bn 2.625% May 22
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KfW GBP750m 0.875% Mar 22 tap
All International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 58,137.72 | 186 | 8.23% |
| 2 | JPMorgan | 57,032.77 | 202 | 8.08% |
| 3 | Barclays | 49,551.65 | 159 | 7.02% |
| 4 | Bank of America Merrill Lynch | 42,095.04 | 147 | 5.96% |
| 5 | Deutsche Bank | 38,217.89 | 137 | 5.41% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 6,045.16 | 4 | 18.58% |
| 2 | BNP Paribas | 1,742.18 | 7 | 5.36% |
| 3 | Credit Agricole CIB | 1,539.94 | 8 | 4.73% |
| 4 | MUFG | 1,257.24 | 4 | 3.87% |
| 5 | SG Corporate & Investment Banking | 1,165.08 | 6 | 3.58% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | UBS | 998.25 | 3 | 13.49% |
| 2 | Citi | 693.55 | 2 | 9.37% |
| 3 | Morgan Stanley | 572.72 | 3 | 7.74% |
| 4 | Bank of America Merrill Lynch | 509.34 | 3 | 6.88% |
| 5 | Jefferies LLC | 409.89 | 4 | 5.54% |
