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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
  • 29 Jul 2014
1 Natixis 9,907.30 37 7.74%
2 UniCredit 9,066.47 60 7.08%
3 BNP Paribas 8,377.17 32 6.54%
4 UBS 7,489.08 42 5.85%
5 Barclays 6,139.46 23 4.79%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2014
1 Bank of America Merrill Lynch 64,930.13 231 7.34%
2 JPMorgan 64,603.76 244 7.31%
3 Goldman Sachs 62,259.93 255 7.04%
4 Deutsche Bank 56,939.45 196 6.44%
5 Morgan Stanley 52,647.04 268 5.95%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 29 Jul 2014
1 Citi 483.40 2 22.09%
2 Westpac 254.80 1 11.64%
2 JPMorgan 254.80 1 11.64%
2 HSBC 254.80 1 11.64%
2 Bank of America Merrill Lynch 254.80 1 11.64%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Jul 2014
1 Deutsche Bank 22,197.56 61 8.58%
2 Goldman Sachs 17,515.77 53 6.77%
3 BNP Paribas 16,598.99 45 6.41%
4 Barclays 16,221.71 58 6.27%
5 Bank of America Merrill Lynch 14,216.02 38 5.49%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Jul 2014
1 BNP Paribas 6,943.48 22 9.06%
2 Natixis 6,420.33 21 8.37%
3 UniCredit 4,995.61 18 6.52%
4 Barclays 4,897.53 15 6.39%
5 Commerzbank Group 4,070.18 14 5.31%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Jul 2014
1 JPMorgan 873.94 909 8.84%
2 Goldman Sachs 676.30 686 6.84%
3 Bank of America Merrill Lynch 650.84 840 6.58%
4 Deutsche Bank 609.44 830 6.16%
5 Citi 594.18 832 6.01%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 29 Jul 2014
1 Deutsche Bank 6,545.83 18 9.72%
2 HSBC 5,264.71 15 7.82%
3 UBS 5,026.99 15 7.46%
4 Bank of America Merrill Lynch 4,546.83 16 6.75%
5 BNP Paribas 3,745.87 13 5.56%
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