BNPP, BBVA look long in dollars with AT1 market ‘on fire’

BNP Paribas set a 10 year call period on a new $750m additional tier one (AT1) trade on Tuesday, as the French bank looked to lock down an attractive cost of capital for as long as it could following an impressive month of performance for the asset class. Spain's BBVA quickly looked to follow suit.

  • By Tyler Davies
  • 07 Nov 2017

“It is quite timely,” said an investor looking at the French bank’s new deal. “There has not been a lot of issuance from national champion banks in the last couple of months, so there will be good demand that’s for sure." 

European banks did not sell AT1 paper ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 11,393.91 58 6.00%
2 UniCredit 9,509.62 74 5.01%
3 BNP Paribas 8,680.07 42 4.57%
4 Commerzbank Group 8,253.32 53 4.34%
5 LBBW 8,089.59 48 4.26%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 101,410.35 412 6.99%
2 Citi 94,194.69 538 6.50%
3 Goldman Sachs 93,150.36 489 6.42%
4 Bank of America Merrill Lynch 88,834.84 369 6.13%
5 JPMorgan 84,348.56 399 5.82%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,408.75 415 11.01%
2 Bank of America Merrill Lynch 71,836.87 313 9.71%
3 Goldman Sachs 71,718.82 411 9.70%
4 Morgan Stanley 70,784.40 302 9.57%
5 JPMorgan 70,596.97 307 9.55%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 LBBW 5,605.63 20 6.35%
2 SG Corporate & Investment Banking 5,543.24 22 6.28%
3 BNP Paribas 5,467.55 18 6.20%
4 Credit Agricole CIB 5,313.69 20 6.02%
5 Commerzbank Group 4,949.16 20 5.61%

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
  • Today
1 Barclays 9,461.63 27 12.77%
2 HSBC 8,882.01 36 11.99%
3 BNP Paribas 6,278.15 28 8.47%
4 Citi 4,542.03 36 6.13%
5 Credit Suisse 4,325.15 22 5.84%