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Dexia buyback ‘distressed exchange’: S&P

Standard & Poor’s said on Thursday that Dexia Bank Belgium’s cash tender — which struck market participants this week with its low 25% buyback price — is a distressed exchange.

  • 24 Feb 2012

In the exercise led by UBS, the bank is offering to buy back a €500m tier one. The cash tender had been planned in Dexia’s restructuring plan signed last year, when the Belgian government bought the bank’s operations in that country.

"We consider the offer to be a ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Apr 2015
1 Natixis 4,610.22 27 6.03%
2 HSBC 4,400.33 20 5.76%
3 RBC Capital Markets 4,234.43 11 5.54%
4 Barclays 4,137.75 20 5.42%
5 BNP Paribas 3,764.36 16 4.93%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Apr 2015
1 JPMorgan 29,955.16 125 7.22%
2 Citi 27,804.30 135 6.70%
3 Morgan Stanley 25,142.28 95 6.06%
4 Deutsche Bank 24,467.71 103 5.89%
5 Goldman Sachs 23,686.75 110 5.71%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 14 Apr 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
  • 14 Apr 2015
1 Deutsche Bank 12,714.95 38 5.25%
2 Goldman Sachs 9,242.39 23 3.82%
3 Credit Agricole CIB 8,032.50 14 3.32%
4 SG Corporate & Investment Banking 6,880.09 17 2.84%
5 BNP Paribas 6,577.01 19 2.72%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Apr 2015
1 Natixis 3,450.53 17 9.22%
2 BNP Paribas 3,068.59 11 8.20%
3 HSBC 2,958.98 12 7.91%
4 Credit Agricole CIB 2,443.07 11 6.53%
5 Commerzbank Group 2,092.48 9 5.59%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Apr 2015
1 Goldman Sachs 304.85 301 7.35%
2 JPMorgan 279.18 373 6.73%
3 Morgan Stanley 278.04 446 6.70%
4 Citi 253.32 423 6.10%
5 Bank of America Merrill Lynch 216.58 389 5.22%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 14 Apr 2015
1 Deutsche Bank 4,708.27 11 12.69%
2 Credit Agricole CIB 4,674.91 3 12.60%
3 UBS 4,406.20 4 11.87%
4 HSBC 2,970.48 6 8.00%
5 JPMorgan 2,730.43 13 7.36%