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Comment

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
  • 26 Jan 2015
1 Barclays 28,419.66 77 8.76%
2 JPMorgan 26,688.86 72 8.23%
3 Citi 24,028.42 64 7.41%
4 HSBC 21,259.01 74 6.55%
5 Morgan Stanley 19,362.83 50 5.97%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 7,654.17 3 47.87%
2 Credit Agricole CIB 2,846.92 3 17.81%
3 Deutsche Bank 508.74 2 3.18%
3 Commerzbank Group 508.74 2 3.18%
5 Santander 452.07 2 2.83%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 4,919.26 4 36.34%
2 UBS 4,591.38 3 33.91%
3 Morgan Stanley 730.09 7 5.39%
4 Citi 569.24 4 4.20%
5 Liberum Capital Ltd 454.08 4 3.35%