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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
  • 29 Sep 2014
1 JPMorgan 254,655.78 1002 7.90%
2 Barclays 234,653.49 808 7.28%
3 Deutsche Bank 230,967.73 925 7.16%
4 Citi 228,452.88 872 7.08%
5 Bank of America Merrill Lynch 222,858.56 797 6.91%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 30 Sep 2014
1 BNP Paribas 43,029.37 176 7.81%
2 Credit Agricole CIB 28,908.16 119 5.25%
3 Barclays 27,675.38 104 5.02%
4 HSBC 26,396.27 153 4.79%
5 RBS 24,957.38 97 4.53%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 23,277.24 110 9.53%
2 Goldman Sachs 21,712.39 71 8.89%
3 Deutsche Bank 20,182.44 72 8.26%
4 UBS 18,830.85 76 7.71%
5 Bank of America Merrill Lynch 18,384.22 64 7.53%