FIG

Profits still puzzling but Deutsche Bank blazes 17g5 trail

Deutsche Bank’s Merry Hill CMBS — still only the second true CMBS backed by a European asset since the crisis — has left market participants wondering whether the German bank lost money on the trade. Despite the questionable economics though, the deal boasts a string of innovative features such as US distribution and full 17g5 compliance.

  • 24 Feb 2012

In Merry Hill all the notes were sold below par — a recognition that the underlying loan, paying a margin of 245bp, could not support a blended margin of 363bp.

All note classes featured a 227bp coupon, but the class ‘A’ notes sold at 97.04%, giving a discount ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UBS 7,378.25 36 6.37%
2 Credit Agricole CIB 7,204.43 30 6.22%
3 Landesbank Baden-Wuerttemberg - LBBW 6,851.04 36 5.91%
4 BNP Paribas 6,411.11 28 5.53%
5 HSBC 6,136.84 31 5.30%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Goldman Sachs 34,764.06 141 6.73%
2 Morgan Stanley 33,239.40 112 6.44%
3 Citi 32,069.96 151 6.21%
4 JPMorgan 31,798.14 153 6.16%
5 Bank of America Merrill Lynch 31,494.39 118 6.10%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 13,938.43 41 10.50%
2 Landesbank Baden-Wuerttemberg - LBBW 9,332.97 132 7.03%
3 HSBC 8,751.32 32 6.59%
4 BNP Paribas 8,043.56 24 6.06%
5 Credit Suisse 7,710.84 18 5.81%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Apr 2016
1 Credit Agricole CIB 6,435.45 22 4.66%
2 UBS 5,506.43 18 3.99%
3 BNP Paribas 4,893.74 17 3.54%
4 Landesbank Baden-Wuerttemberg - LBBW 4,801.21 17 3.48%
5 Deutsche Bank 3,894.43 13 2.82%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 26 Apr 2016
1 UBS 2,977.50 9 12.49%
2 BNP Paribas 2,776.38 5 11.65%
3 HSBC 1,919.16 9 8.05%
4 Credit Agricole CIB 1,643.95 3 6.90%
5 Goldman Sachs 1,534.38 8 6.44%