Top story
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ECB pulls back from clearing power grab with stark words
The European Central Bank (ECB) has shelved plans to give itself increased regulatory powers over central counterparty clearing houses (CCPs).
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Goldman says go short on CMBX
A note published by two Goldman Sachs researchers this week recommended that investors go short on CMBX triple-As as the commercial real estate cycle eventually turns and spreads blow out on the CMBS bonds referenced by the index.
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Bangkok buy-side firm joins DTCC platform, as T+2 move hurries automation
Bangkok Capital Asset Management (BCAP) has become the latest firm to sign up to the Depository Trust & Clearing Corporation’s (DTCC) Central Trade Manager (CTM) platform.
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ISDA releases CDM, targeting rate and credit derivatives
The International Swaps and Derivatives Association has launched the open-source interest rates and credit derivatives version of its technology solution ISDA common domain model (CDM), which establishes standard data conventions for derivatives trade events and processes.
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Trade bodies warn on SA-CCR effects, citing risk of 50% RWA surge
The International Swaps and Derivatives Association (ISDA) has warned that regulatory proposals for calculating derivatives contract exposure could lead to an uneven playing field and increased costs.
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FCA fines UBS after millions of wrong transaction reports
The UK financial regulator has fined UBS a record £27.6m for misreporting transactions, in breach of the European Market in Financial Instruments Directive (MiFiD).
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DTCC to help SEB with post-trade as SFTR compliance costs mount
The Depository Trust & Clearing Corp has agreed a deal to provide post-trade infrastructure services to enable SEB, the Swedish banking group, to meet its obligations under the Securities Financing Transactions Regulation.
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Prop traders rally against exchange speed bumps
Proprietary trading firms have hit out against some derivatives exchange’s plans to introduce passive liquidity protection on some of the contracts that they offer, in an open letter to US regulators.
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Bank of America loses two traders in London
Two London-based traders from Bank of America’s macro trading business have resigned, GlobalCapital understands.
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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The perverse logic of Deutsche-Commerzbank
The potential merger of Deutsche Bank and Commerzbank has been repeatedly panned since it was first floated, with good reason. But at the level of the whole German banking system, there is a certain logic to it.
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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Ghana USD750m 7.875% Mar 27, USD1.25bn 8.125% Mar 32, USD1bn 8.95% Mar 51
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Benin EUR500m 6% Mar 26
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Andalusia EUR700m 1.375% Apr 29
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Kommuninvest SEK3.5bn 0.375% Mar 24 green bond
-
Land NRW EUR1.26bn 2.15% Mar 19 tap
-
CDP EUR750m 2.125% Mar 26 social bond
-
AfDB €1bn 0.5% Mar 29
-
ENBD AT1 6.125% Perp NC6
-
MuniFin USD1bn 2.5% Nov 23
-
Unédic EUR1.5bn 0.5% Mar 29
-
SGP EUR2bn 1.125% May 34 green bond
-
KommuneKredit USD1bn 2.5% Apr 22
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World Bank USD4.5bn 2.5% Mar 24
-
KfW EUR5bn 0% Jun 22
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Danske Bank EUR500m 1.625% Mar 24 green
All International Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 101,974.94 | 404 | 8.29% |
| 2 | Citi | 95,105.34 | 354 | 7.73% |
| 3 | Bank of America Merrill Lynch | 82,200.55 | 309 | 6.68% |
| 4 | Barclays | 81,531.75 | 289 | 6.63% |
| 5 | HSBC | 65,681.57 | 320 | 5.34% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 8,921.11 | 17 | 10.11% |
| 2 | Deutsche Bank | 5,429.08 | 13 | 6.15% |
| 3 | Commerzbank Group | 5,145.35 | 21 | 5.83% |
| 4 | BNP Paribas | 4,907.83 | 23 | 5.56% |
| 5 | UniCredit | 3,906.86 | 15 | 4.43% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 2,328.59 | 11 | 11.59% |
| 2 | Morgan Stanley | 1,958.99 | 12 | 9.75% |
| 3 | Bank of America Merrill Lynch | 1,598.67 | 7 | 7.96% |
| 4 | JPMorgan | 1,371.27 | 7 | 6.83% |
| 5 | UBS | 1,229.93 | 7 | 6.12% |
