• Vivat bonds tumble as Beijing takes control

    Outstanding bonds issued by Vivat NV, the Dutch insurance group, suffered on Friday morning after its parent company Anbang Insurance Group was seized by Chinese authorities — but a sale to a European firm could provide an upside for bondholders.

    • 23 Feb 2018
  • Make bank bankruptcy great again, says US Treasury

    The US Department of the Treasury defied Republican calls to scrap the Orderly Liquidation Authority this week, after publishing a report in which it recommended an overhaul of the nation’s framework for dealing with failing banks.

    • 22 Feb 2018
  • European banks could be hamstrung by extra-territorial CLO rules

    New securitization rules could put EU-domiciled banks at a competitive disadvantage arranging US CLOs, if EU risk retention rules are applied in their planned form. Market participants raised the issue at a public hearing on Monday, but regulators refused to be drawn on whether they would try to cure the problem in the final version of the rules.

    • 22 Feb 2018
  • PBoC touts bond reform amid deleveraging, opening up

    The People’s Bank of China has laid out its next moves to upgrade the domestic bond markets, including better market standards, clearer default rules and further opening to foreign investors — steps that could make regulators less active in the corporate debt market.

    • 21 Feb 2018
  • CLO credit quality could weaken without risk retention, says Morgan Stanley

    Morgan Stanley analysts described the potential rollback of risk retention rules for US CLO managers as a “modest positive” for the market on Tuesday, adding $10bn to their 2018 issuance forecast, but they warned that credit quality could suffer in new deals because of the scarcity of leveraged loans.

    • 20 Feb 2018
  • VIEW: The ECB’s collateral rule is a step to a safer German banking system

    Disallowing the use of senior bail-in debt as collateral at the ECB has alarmed some parts of the market — but discouraging banks from buying other banks' debt should be applauded.

    • 20 Feb 2018
  • FCA plans for machine-filed reports

    The Financial Conduct Authority on Tuesday called upon technology experts from across the finance industry to give feedback on a new automated way to provide the FCA with regulatory reports.

    • 20 Feb 2018
  • ECB knocked as 'boys' club' with de Guindos set for VP role

    The Economic and Financial Affairs Council has confirmed Luis de Guindos, the Spanish finance minister, as its choice for the next vice president of the European Central Bank. The decision came amid criticism of the institution's lack of female representation.

    • 19 Feb 2018
  • Collateral rule puts German sub-senior in spotlight

    Liquidity in German senior bonds is set to be hit by new rules preventing the use of the bonds as collateral when borrowing from the European Central Bank (ECB).

    • 15 Feb 2018
  • EBA pushes for tougher hedging after Premier Oil splits risk transfer market

    Premier Oil’s restructuring last year was a test for the risk transfer market, as the different synthetic securitizations exposed to the troubled firm reacted very differently. The European Banking Authority wants to see a tougher approach and more consistency in the market, which could hurt some firms’ ability to transfer risk.

    • 15 Feb 2018
  • CFTC's Giancarlo plans European charm offensive on CCPs

    Christopher Giancarlo, the chairman of the Commodity Futures Trading Commission, will visit European regulators in London, Brussels, Frankfurt and Madrid next week in an attempt to defuse European efforts to alter unilaterally the supervision regime for foreign clearing houses.

    • 15 Feb 2018
  • IOSCO trumpets its concerns on complex retail derivs

    The International Organization of Securities Commissions on Tuesday urged its members to “improve the practices” of firms offering complex derivatives to retail clients as it opened a consultation on the matter to the public.

    • 14 Feb 2018
  • JPM nails world first with RMB clearing mandate

    JP Morgan has become the first non-Chinese financial institution to get an official renminbi clearing bank licence, joining Bank of China's New York branch as the second such firm in the US, the People’s Bank of China said on February 13.

    • 14 Feb 2018
  • E-trading provider bids to resolve MiFID-GDPR clash

    Electronic platform provider NEX has found a compromise between MiFID II, the new set of European regulations which require transparency of trading, and the General Data Protection Regulation (GDPR), an upcoming European regulation which requires corporations to protect individual private data.

    • 13 Feb 2018
  • Syndicated loan market facing most challenges in memory

    The European syndicated loan market is facing an unprecedented amount of structural challenges in 2018, leaving market participants unsure what the usually stalwart corner of the financial sector might look like by the end of the year.

    • 13 Feb 2018
  • ‘Huge consequences’ for German senior as ECB tightens collateral criteria

    The European Central Bank (ECB) has said that bail-inable senior bank bonds cannot count as collateral, as part of changes tightening its eligiblity criteria. This could have a particular effect in Germany, where all senior bank bonds are statutorily subordinated.

    • 12 Feb 2018
  • ECBC launches EeMAP public consultation

    The European Covered Bond Council (ECBC) has launched a consultation seeking market feedback on draft guidelines for a standardised European energy efficient mortgage.

    • 12 Feb 2018
  • US CLO industry wins risk retention exemption

    In a big vote of confidence in the CLO product, the District of Columbia Court of Appeals ruled on Friday that CLO managers should be exempt from risk retention requirements, vindicating the arguments put forward by the Loan Syndications and Trading Association against federal regulatory agencies.

    • 09 Feb 2018
  • Italian banks fear ECB will target existing NPLs

    The European Central Bank might implement its controversial provisioning proposal for NPL inflows from April — later than originally anticipated, it said this week. But Italian lenders are now scared their existing NPLs will be on the hook next.

    • 08 Feb 2018
  • ‘Get ready’ for NPL addendum as Italian champs look to cut exposure

    The European Central Bank’s addendum on non-performing loans (NPLs) will be published in March and could be implemented straight away, according to Danièle Nouy, chair of the body’s Supervisory Board. Meanwhile, UniCredit and Intesa Sanpaolo progressed with plans to reduce NPL levels this week.

    • 08 Feb 2018
  • IFRS 9 in stress testing: a ‘big deal’ for banks

    The introduction of IFRS 9, a new accounting standard, brings this year’s European Banking Authority stress tests into uncharted territory, with market participants expecting the exercise to raise questions about the comparability and reliability of results.

    • 08 Feb 2018
  • Mixed messages in the debate over green capital relief

    Authors of last week’s HLEG sustainable finance report seem unsure whether they want green capital relief or not — while the European Banking Federation (EBF) seems unsure about why.

    • 06 Feb 2018
  • Gathering storm batters bitcoin

    After months of sensational growth, bitcoin has, at last, faltered. An increasingly hostile regulatory environment has caused its price, which nudged $20,000 in December, to collapse to around $9,000.

    • 01 Feb 2018
  • Green capital relief off the agenda… for now

    The European Commission's High Level Expert Group report on Sustainable Finance this week stopped short of advocating that banks should be able to hold less capital against green assets, but the idea still has political legs.

    • 01 Feb 2018
  • Brexit ‘black hole’ scares banks as City urged to pay its own way

    Hopes of a post-Brexit trade deal for the City shrivelled this week after several reports of a meeting between EU27 states indicated little chance of special Single Market access for financial services.

    • 01 Feb 2018
  • HLEG pushes stricter EU green bond label

    The European Commission's High Level Expert Group on Sustainable Finance has put a high priority on green bonds, proposing a new EU standard, to be put in place this year, which could be more stringent than current market practice.

    • 01 Feb 2018
  • France and Germany push back on European pension plan

    France and Germany want to restrict the options for how a common European pension plan pays out, privileging annuities over lump sums, while keeping national authorities responsible for implementing the label, according to a 'non-paper' drafted by both countries together and seen by GlobalCapital.

    • 01 Feb 2018
  • Eurex jabs at liquidity gripes, revs up for relocation

    The chief strategy officer of Eurex Clearing, Matthias Graulich, has dismissed claims that euro interest rate swap clearing costs would increase substantially if moved to the EU 27 from London, noting that liquidity indicators for the product are already improving at Eurex.

    • 01 Feb 2018
  • EBA plans could cut benefits of synthetic securitization

    The European Banking Authority’s plans to level the playing field for synthetic securitization could raise the cost of such deals for banks supervised by the European Central Bank’s Single Supervisory Mechanism (SSM), slowing down a market which has boomed in the last two years, and forcing banks to look elsewhere for capital relief.

    • 01 Feb 2018

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 71,795.24 248 8.65%
2 JPMorgan 59,685.75 255 7.19%
3 Bank of America Merrill Lynch 52,401.35 173 6.31%
4 Barclays 50,153.02 148 6.04%
5 Deutsche Bank 44,937.03 167 5.41%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 9,857.42 14 13.05%
2 SG Corporate & Investment Banking 7,833.35 12 10.37%
3 Goldman Sachs 5,773.27 11 7.65%
4 Citi 4,606.54 14 6.10%
5 BNP Paribas 4,132.76 19 5.47%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2,546.04 12 11.21%
2 JPMorgan 1,732.54 10 7.63%
3 Credit Suisse 1,727.84 7 7.61%
4 Deutsche Bank 1,465.10 11 6.45%
5 Citi 1,285.41 7 5.66%