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RBS counterparty deal pulled but others step up

Royal Bank of Scotland’s securitisation of counterparty credit risk, dubbed Score 2011, was pulled earlier this year, but other banks are said to be undeterred by the difficulties of the asset class, and are still looking at the market. However, other hedging options for counterparty risk may have dulled the economics of securitising this risk since the end of last year.

  • 24 Feb 2012
"Counterparty deals often end up being structured with large, publicly rated names, because banks typically have much larger exposures to these entities," said a structured credit investor. "This means hedging with single name CDS can be a realistic option in many cases. But there are still lots of ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Dec 2014
1 Natixis 15,005.46 56 0.00%
2 BNP Paribas 13,909.98 50 0.00%
3 Barclays 12,449.97 44 0.00%
4 UniCredit 12,228.33 96 0.00%
5 HSBC 10,586.08 49 0.00%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Dec 2014
1 Bank of America Merrill Lynch 97,372.82 351 6.68%
2 JPMorgan 96,512.61 390 6.62%
3 Citi 88,117.57 391 6.05%
4 Goldman Sachs 87,843.24 389 6.03%
5 Morgan Stanley 87,042.17 431 5.97%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 23 Dec 2014
1 Citi 1,499.34 5 21.48%
2 RBC Capital Markets 1,206.44 4 17.28%
3 TD Securities Inc 977.84 3 14.01%
4 HSBC 673.33 3 9.65%
4 Bank of America Merrill Lynch 673.33 3 9.65%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Dec 2014
1 Deutsche Bank 32,218.29 92 8.09%
2 BNP Paribas 24,111.88 73 6.06%
3 Goldman Sachs 23,985.40 77 6.02%
4 Barclays 22,013.29 83 5.53%
5 SG Corporate & Investment Banking 21,794.83 77 5.47%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Dec 2014
1 Natixis 10,323.99 33 8.51%
2 BNP Paribas 10,098.32 33 8.32%
3 Barclays 9,701.49 29 7.99%
4 UniCredit 6,929.62 25 5.71%
5 Commerzbank Group 6,921.97 23 5.70%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Dec 2014
1 JPMorgan 1,282.34 1391 7.98%
2 Bank of America Merrill Lynch 1,041.39 1361 6.48%
3 Goldman Sachs 1,016.85 1072 6.32%
4 Deutsche Bank 945.39 1345 5.88%
5 Citi 930.30 1359 5.79%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 23 Dec 2014
1 HSBC 11,292.41 25 5.61%
2 Deutsche Bank 9,492.24 28 4.72%
3 BNP Paribas 7,528.88 25 3.74%
4 UBS 6,677.37 24 3.32%
5 SG Corporate & Investment Banking 6,432.59 22 3.20%