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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
  • 28 Jul 2015
1 HSBC 8,630.49 41 6.45%
2 Natixis 8,446.58 47 6.32%
3 RBC Capital Markets 7,558.96 24 5.65%
4 UBS 6,942.22 40 5.19%
5 BNP Paribas 6,916.55 29 5.17%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Jul 2015
1 JPMorgan 61,700.03 267 7.44%
2 Citi 57,162.57 286 6.90%
3 Goldman Sachs 51,784.22 214 6.25%
4 Morgan Stanley 48,061.03 212 5.80%
5 Bank of America Merrill Lynch 47,623.90 210 5.74%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2015
1 Goldman Sachs 15,440.75 36 7.93%
2 Deutsche Bank 15,024.48 53 7.72%
3 UBS 13,015.99 28 6.69%
4 SG Corporate & Investment Banking 10,628.40 30 5.46%
5 BNP Paribas 9,545.15 31 4.91%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2015
1 Natixis 5,584.44 26 8.66%
2 BNP Paribas 5,093.51 19 7.90%
3 HSBC 4,165.96 18 6.46%
4 Credit Agricole CIB 3,701.66 16 5.74%
5 UBS 3,517.95 15 5.45%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Jul 2015
1 Goldman Sachs 624.95 581 7.05%
2 JPMorgan 576.59 883 6.50%
3 Citi 526.92 880 5.94%
4 Bank of America Merrill Lynch 501.95 862 5.66%
5 Morgan Stanley 501.06 951 5.65%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 28 Jul 2015
1 Deutsche Bank 5,658.62 18 10.63%
2 UBS 5,456.98 10 10.25%
3 HSBC 5,068.63 11 9.52%
4 Credit Agricole CIB 4,884.74 6 9.18%
5 JPMorgan 3,766.09 19 7.08%