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Secured funding swept up in LTRO frenzy

In a flurry of activity that offered another glimpse of the spare cash washing around the European banking sector after the ECB’s first Long Term Refinancing Operation (LTRO) in December, Spain’s CatalunyaCaixa and Banco Popular Español launched tender offers this week, buying back ABS, covered bonds and hybrids.

  • 03 Feb 2012
Capital-hungry banks have been keen to use LTRO money for discounted buybacks. But even well capitalised banks have tweaked their liquidity strategy to take best advantage of the operation, with an ABS buyback from Lloyds Banking Group, and big retained issues from Barclays, SNS Bank, and UniCredit — ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 May 2015
1 Natixis 6,180.93 35 6.43%
2 RBC Capital Markets 4,916.76 15 5.11%
3 HSBC 4,852.24 24 5.05%
4 UBS 4,617.92 28 4.80%
5 BNP Paribas 4,556.32 20 4.74%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 May 2015
1 Citi 38,721.93 186 7.11%
2 JPMorgan 36,580.85 154 6.71%
3 Bank of America Merrill Lynch 34,921.86 142 6.41%
4 Goldman Sachs 32,039.84 148 5.88%
5 Morgan Stanley 31,965.79 134 5.87%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 19 May 2015
1 RBC Capital Markets 920.18 2 22.49%
2 UBS 790.63 2 19.32%
3 Goldman Sachs 590.25 1 14.42%
4 Citi 530.31 2 12.96%
4 Barclays 530.31 2 12.96%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 May 2015
1 Deutsche Bank 13,090.05 40 4.67%
2 UBS 9,982.70 20 3.56%
3 Goldman Sachs 9,428.53 25 3.36%
4 Credit Agricole CIB 8,545.72 19 3.05%
5 SG Corporate & Investment Banking 7,347.84 20 2.62%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 May 2015
1 Natixis 3,875.87 19 8.31%
2 BNP Paribas 3,752.74 14 8.04%
3 BBVA 3,421.08 6 7.33%
4 HSBC 3,025.71 13 6.48%
5 Credit Agricole CIB 2,654.35 12 5.69%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 04 May 2015
1 Goldman Sachs 411.48 346 7.92%
2 JPMorgan 366.06 449 7.05%
3 Morgan Stanley 321.36 540 6.19%
4 Citi 312.21 512 6.01%
5 Bank of America Merrill Lynch 267.26 463 5.15%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 19 May 2015
1 Deutsche Bank 4,833.30 12 12.55%
2 Credit Agricole CIB 4,774.91 4 12.39%
3 UBS 4,406.20 4 11.44%
4 HSBC 2,970.48 6 7.71%
5 JPMorgan 2,730.43 13 7.09%