HSBC brings callables back into focus

Real money investors dominated the allocation of HSBC’s €1.5bn 10 year non-call five tier two deal, which was priced on Tuesday off a book of €3.5bn. Bankers involved in and away from the deal said it was encouraging to see callable tier two bonds — rather than bullets — back in the market, as investors look to shorten the duration of their exposures, to guard against rising rates.

  • By Will Caiger-Smith
  • 04 Sep 2013

Real money investors took most of the deal, with fund managers taking 71% and insurers and pension funds buying 22%. Banks bought 4%, private banks 2% and others 1%.

Some 30% of the deal was sold into the UK and Ireland, while France bought 25%, Germany and Austria ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 9,047.01 40 5.97%
2 UniCredit 7,570.25 62 5.00%
3 Commerzbank Group 6,961.50 44 4.60%
4 BNP Paribas 6,833.59 30 4.51%
5 LBBW 6,650.23 37 4.39%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 86,402.71 348 7.39%
2 Bank of America Merrill Lynch 76,648.22 289 6.56%
3 Citi 74,063.12 448 6.33%
4 Goldman Sachs 71,639.28 392 6.13%
5 JPMorgan 69,536.04 335 5.95%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 63,093.26 344 10.46%
2 Morgan Stanley 62,565.91 248 10.37%
3 Bank of America Merrill Lynch 62,515.27 242 10.36%
4 JPMorgan 57,709.83 258 9.56%
5 Goldman Sachs 54,069.13 322 8.96%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 5,349.05 21 7.30%
2 LBBW 5,191.72 18 7.08%
3 BNP Paribas 4,566.36 14 6.23%
4 Credit Agricole CIB 4,553.92 17 6.21%
5 Commerzbank Group 4,242.73 17 5.79%

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 8,682.34 22 13.77%
2 HSBC 8,067.77 29 12.79%
3 BNP Paribas 4,343.93 23 6.89%
4 Credit Suisse 4,219.22 21 6.69%
5 Citi 3,992.43 32 6.33%