Moved to tiers: Spanish banks could reopen red hot AT1

A number of financial institutions have distanced themselves from the primary market for additional tier one (AT1) bonds this week, but there is no doubting that the asset class has been on fire in 2017. It is only a matter of time before supply restarts, and Spanish banks will be first in line, writes Tyler Davies.

  • By Tyler Davies
  • 16 Feb 2017

Market participants have taken notice of the one-way traffic in the secondary market for AT1, which has been buoyed by a number of firms revealing higher capital ratios and lower coupon cancellation thresholds this quarter.

The asset class has easily been the best performing part of the ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 HSBC 3,457.35 14 6.94%
2 Commerzbank Group 3,383.90 18 6.79%
3 SG Corporate & Investment Banking 3,124.37 12 6.27%
4 LBBW 2,926.97 13 5.88%
5 Credit Agricole CIB 2,712.14 12 5.44%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 23,952.72 55 9.10%
2 Goldman Sachs 21,593.65 74 8.21%
3 Bank of America Merrill Lynch 20,302.83 44 7.72%
4 JPMorgan 15,324.04 56 5.82%
5 Citi 14,173.41 67 5.39%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 Morgan Stanley 19,148.59 31 13.10%
2 Goldman Sachs 17,229.26 50 11.79%
3 Bank of America Merrill Lynch 12,479.68 27 8.54%
4 JPMorgan 11,287.70 33 7.72%
5 Citi 11,280.58 39 7.72%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Feb 2017
1 SG Corporate & Investment Banking 2,728.11 10 5.02%
2 LBBW 2,154.63 7 3.97%
3 Commerzbank Group 2,105.32 7 3.88%
4 Credit Agricole CIB 1,987.58 8 3.66%
5 HSBC 1,572.51 5 2.90%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 Credit Suisse 2,309.08 6 7.45%
2 Bank of America Merrill Lynch 1,499.19 8 4.84%
3 JPMorgan 1,236.52 7 3.99%
4 HSBC 1,133.72 7 3.66%
5 Credit Agricole CIB 1,034.32 6 3.34%