Investors learn to love tight spreads as Nordea shows good regional mix

The highest quality borrowers have voiced concern in the past few weeks that their spreads had reached their lowest limits and they would not be able to attract investors. But Nordea’s €1.5bn five year on Monday used the lack of supply to its advantage and won praise from rival FIG bankers.

  • 09 Apr 2013

The Swedish bank printed the deal at 55bp over mid-swaps, tightened from initial guidance of 60bp area by lead managers Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank, and Goldman Sachs, who joined Nordea’s own investment bank on the syndication.

That represented a new issue premium of around ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 Commerzbank Group 3,864.49 23 6.68%
2 HSBC 3,662.21 15 6.33%
3 SG Corporate & Investment Banking 3,300.60 13 5.70%
4 LBBW 3,189.28 14 5.51%
5 Credit Agricole CIB 3,100.02 15 5.36%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Mar 2017
1 Morgan Stanley 29,052.08 101 7.24%
2 Goldman Sachs 27,997.52 114 6.98%
3 Bank of America Merrill Lynch 26,257.54 82 6.54%
4 JPMorgan 23,062.78 103 5.75%
5 Citi 20,877.50 122 5.20%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 Goldman Sachs 22,807.51 94
2 Morgan Stanley 21,009.07 69
3 JPMorgan 19,370.83 76
4 Bank of America Merrill Lynch 19,244.14 67
5 Citi 18,801.67 99

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 SG Corporate & Investment Banking 3,168.16 12 9.93%
2 LBBW 2,629.03 9 8.24%
3 Commerzbank Group 2,493.64 9 7.82%
4 Credit Agricole CIB 2,163.80 9 6.78%
5 HSBC 1,941.46 7 6.09%

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
  • 07 Mar 2017
1 Credit Suisse 2,433.39 7 13.20%
2 Barclays 1,997.28 4 10.83%
3 Bank of America Merrill Lynch 1,499.19 8 8.13%
4 JPMorgan 1,236.52 7 6.71%
5 HSBC 1,216.99 8 6.60%