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Commerz targets hybrid capital in equity swap

Commerzbank this week launched a debt for equity swap that could generate over €1bn of core tier one capital, in what one investor called a sensible liability management approach amid a rally in prices of hybrid securities.

  • 24 Feb 2012
The German bank announced the exchange on Thursday after releasing its 2011 full year results. Some €3.2bn equivalent of tier ones and tier twos are eligible for the exchange, but the final amount is capped by the value and number of shares the bank can issue from authorised ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
1 UniCredit 6,555.40 42 8.32%
2 BNP Paribas 6,411.77 22 8.14%
3 Natixis 6,156.38 23 7.81%
4 UBS 3,835.74 22 4.87%
5 Commerzbank Group 3,770.47 18 4.79%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
1 JPMorgan 38,454.61 132 8.58%
2 Bank of America Merrill Lynch 38,426.95 121 8.57%
3 Goldman Sachs 33,969.60 127 7.58%
4 Deutsche Bank 27,934.61 98 6.23%
5 Citi 25,466.21 117 5.68%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
1 RBC Capital Markets 2,861.24 9 19.87%
2 Barclays 2,166.13 7 15.04%
3 JPMorgan 1,326.85 5 9.21%
4 Bank of America Merrill Lynch 1,113.63 4 7.73%
5 Goldman Sachs 857.51 3 5.95%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
1 Goldman Sachs 11,541.26 32 7.67%
2 Deutsche Bank 11,109.00 31 7.38%
3 BNP Paribas 10,602.50 26 7.04%
4 SG Corporate & Investment Banking 9,791.48 34 6.51%
5 Morgan Stanley 8,515.16 22 5.66%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
1 BNP Paribas 5,691.31 17 11.74%
2 Natixis 4,198.16 13 8.66%
3 UniCredit 3,395.99 12 7.00%
4 Barclays 3,031.55 10 6.25%
5 HSBC 2,631.99 9 5.43%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
1 JPMorgan 418.21 431 9.43%
2 Bank of America Merrill Lynch 353.19 422 7.96%
3 Goldman Sachs 306.78 341 6.92%
4 Citi 287.06 417 6.47%
5 Barclays 260.45 382 5.87%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
1 HSBC 3,548.38 7 10.98%
2 Bank of America Merrill Lynch 2,623.53 8 8.12%
3 BNP Paribas 2,543.92 6 7.87%
4 SG Corporate & Investment Banking 2,416.45 7 7.48%
5 UBS 2,049.79 9 6.35%