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BNPP rewarded after digging in over Fortis Cashes tender

BNP Paribas held firm on Friday amid a bondholder rebellion as investors spurned a cash tender offer it made earlier last week for €3bn of Fortis Bank convertible and hybrid equity-linked securities (Cashes). And when it announced an acceptance rate of 63% on Tuesday, it belied last week’s protest.

  • 03 Feb 2012

The deal was supposed to unwind the links between BNP Paribas and Fortis Bank, and Ageas, the insurer carved out of Fortis in its 2009 restructuring.

BNP Paribas offered a cash price of 45.0-47.5 for the bonds, a premium to the pre-offer trading level at the 38.0 mark, ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 9,907.30 37 7.74%
2 UniCredit 9,066.47 60 7.08%
3 BNP Paribas 8,377.17 32 6.54%
4 UBS 7,489.08 42 5.85%
5 Barclays 6,139.46 23 4.79%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2014
1 Bank of America Merrill Lynch 64,930.13 231 7.34%
2 JPMorgan 64,603.76 244 7.31%
3 Goldman Sachs 62,259.93 255 7.04%
4 Deutsche Bank 56,939.45 196 6.44%
5 Morgan Stanley 52,647.04 268 5.95%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 29 Jul 2014
1 Citi 483.40 2 22.09%
2 Westpac 254.80 1 11.64%
2 JPMorgan 254.80 1 11.64%
2 HSBC 254.80 1 11.64%
2 Bank of America Merrill Lynch 254.80 1 11.64%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Jul 2014
1 Deutsche Bank 22,197.56 61 8.58%
2 Goldman Sachs 17,515.77 53 6.77%
3 BNP Paribas 16,598.99 45 6.41%
4 Barclays 16,221.71 58 6.27%
5 Bank of America Merrill Lynch 14,216.02 38 5.49%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 6,943.48 22 9.06%
2 Natixis 6,420.33 21 8.37%
3 UniCredit 4,995.61 18 6.52%
4 Barclays 4,897.53 15 6.39%
5 Commerzbank Group 4,070.18 14 5.31%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2014
1 JPMorgan 873.94 909 8.84%
2 Goldman Sachs 676.30 686 6.84%
3 Bank of America Merrill Lynch 650.84 840 6.58%
4 Deutsche Bank 609.44 830 6.16%
5 Citi 594.18 832 6.01%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 6,545.83 18 9.72%
2 HSBC 5,264.71 15 7.82%
3 UBS 5,026.99 15 7.46%
4 Bank of America Merrill Lynch 4,546.83 16 6.75%
5 BNP Paribas 3,745.87 13 5.56%
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