Senior sidelined in favour of covered bonds as sovereign volatility and blackouts bite

The senior unsecured market was an irrelevance for most FIG borrowers this week, with results season hitting full swing and those few issuers that were in the market preferring to focus on covered bonds.

  • 20 Apr 2012

BPCE provided some activity with a €250m tap of its 2017s, but other issuers sidestepped the market as daily volatility in credit indices threatened to seep through into cash spreads.

"There have been some exaggerated moves in CDS indices, mostly led by the street," a FIG syndicator told EuroWeek ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 HSBC 8,309.08 35 6.30%
2 Commerzbank Group 6,569.87 40 4.98%
3 BNP Paribas 6,477.17 27 4.91%
4 UniCredit 6,430.57 52 4.88%
5 Credit Agricole CIB 6,251.64 29 4.74%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Morgan Stanley 74,213.88 260 7.84%
2 Goldman Sachs 64,933.87 304 6.86%
3 Bank of America Merrill Lynch 62,989.59 218 6.65%
4 Citi 60,634.12 338 6.40%
5 JPMorgan 59,116.26 268 6.24%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 Morgan Stanley 56,343.49 184 11.10%
2 Citi 53,003.67 262 10.44%
3 Bank of America Merrill Lynch 50,199.23 181 9.89%
4 Goldman Sachs 49,824.41 248 9.81%
5 JPMorgan 49,005.73 204 9.65%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 LBBW 5,014.64 17 7.54%
2 SG Corporate & Investment Banking 4,741.46 19 7.13%
3 Credit Agricole CIB 4,590.25 17 6.91%
4 BNP Paribas 4,566.36 14 6.87%
5 Commerzbank Group 4,066.97 16 6.12%

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
  • 25 Jul 2017
1 JPMorgan 1,110.74 50 27.87%
2 Citi 622.92 15 15.63%
3 Deutsche Bank 499.78 5 12.54%
4 TD Securities Inc 397.10 7 9.96%
5 Nomura 360.08 7 9.03%