Beyond the cookie cutter

The rally in European banks’ tier one paper has become a self fulfilling prophecy. Since the first wave of hybrid buybacks began in the fourth quarter, investors have inched up the price of securities in anticipation of more cash tenders to come.

  • 24 Feb 2012

As issuers rush out buybacks before the prices rise further, the rally is fed further. But the operations are becoming increasingly less attractive.

With each point that the securities climb, banks lose a potential point of capital generation from a sub-par buyback.

Some of them have skirted around this recently, ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2016
1 JPMorgan 224,809.92 893 8.72%
2 Citi 198,357.42 701 7.70%
3 Barclays 185,152.03 584 7.18%
4 Bank of America Merrill Lynch 179,762.77 612 6.97%
5 HSBC 161,839.60 645 6.28%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Jul 2016
1 UniCredit 18,078.81 87 6.37%
2 HSBC 16,282.66 75 5.74%
3 SG Corporate & Investment Banking 14,434.20 68 5.08%
4 Barclays 14,301.22 27 5.04%
5 ING 13,320.97 84 4.69%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Jul 2016
1 JPMorgan 9,517.56 52 9.58%
2 Goldman Sachs 8,816.07 50 8.87%
3 Citi 6,871.31 35 6.91%
4 Morgan Stanley 6,449.82 34 6.49%
5 UBS 6,126.84 31 6.16%