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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
  • 16 Oct 2014
1 Natixis 12,005.07 45 7.02%
2 BNP Paribas 11,290.05 40 6.61%
3 UniCredit 11,064.68 80 6.47%
4 HSBC 8,878.71 41 5.20%
5 Commerzbank Group 8,849.25 40 5.18%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 86,857.61 303 7.25%
2 JPMorgan 83,493.98 333 6.97%
3 Goldman Sachs 73,212.50 313 6.11%
4 Deutsche Bank 72,062.68 269 6.01%
5 Morgan Stanley 70,641.32 347 5.89%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 15 Oct 2014
1 JPMorgan 446,455.77 2518 0.00%
2 Citi 374,881.01 2094 0.00%
3 Bank of America Merrill Lynch 374,541.95 2409 0.00%
4 Barclays 342,345.25 1758 0.00%
5 Deutsche Bank 308,086.36 1652 0.00%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Oct 2014
1 Deutsche Bank 29,444.29 79 9.00%
2 BNP Paribas 20,500.26 60 6.27%
3 Goldman Sachs 20,145.91 66 6.16%
4 Barclays 19,217.29 71 5.87%
5 Bank of America Merrill Lynch 17,770.40 46 5.43%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Oct 2014
1 BNP Paribas 8,089.51 26 8.54%
2 Natixis 7,730.73 25 8.16%
3 UniCredit 6,347.32 23 6.70%
4 Commerzbank Group 6,095.49 20 6.43%
5 Barclays 5,463.02 17 5.76%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 1,130.25 1230 8.39%
2 Bank of America Merrill Lynch 890.02 1124 6.61%
3 Goldman Sachs 885.33 901 6.57%
4 Deutsche Bank 840.68 1141 6.24%
5 Citi 789.50 1139 5.86%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 16 Oct 2014
1 HSBC 10,466.40 20 12.00%
2 Deutsche Bank 7,370.24 22 8.45%
3 UBS 6,381.44 21 7.31%
4 BNP Paribas 5,705.15 19 6.54%
5 Bank of America Merrill Lynch 5,371.83 21 6.16%