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Volkswagen and Barclays stand alone in ABS pipeline

Clydesdale Bank’s privately placed Lanark 2012-1 RMBS was the extent of primary ABS issuance this week. Looking ahead, Barclays is set to launch its Gracechurch Cards deal next week, and Volkswagen has mandated for VCL 15 — its first euro issue of the year. But apart from these two market stalwarts, the pipeline remains light with some bankers blaming the strong covered bond market.

  • 24 Feb 2012

Barclays Bank has been roadshowing a new Gracechurch Cards deal since February 15. The meetings, which were arranged by Barclays Capital and JP Morgan, will last until Friday, with the originator ready to bring a deal next week.

Volkswagen has mandated Commerzbank and Mizuho to sell notes from ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
1 UniCredit 6,762.93 43 0.00%
2 Natixis 6,519.33 24 0.00%
3 BNP Paribas 6,411.77 22 0.00%
4 Commerzbank Group 3,908.41 19 0.00%
5 UBS 3,835.74 22 0.00%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
1 JPMorgan 38,454.61 132 8.58%
2 Bank of America Merrill Lynch 38,426.95 121 8.57%
3 Goldman Sachs 33,969.60 127 7.58%
4 Deutsche Bank 27,934.61 98 6.23%
5 Citi 25,466.21 117 5.68%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
1 RBC Capital Markets 2,861.24 9 19.87%
2 Barclays 2,166.13 7 15.04%
3 JPMorgan 1,326.85 5 9.21%
4 Bank of America Merrill Lynch 1,113.63 4 7.73%
5 Goldman Sachs 857.51 3 5.95%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
1 Deutsche Bank 11,967.71 33 7.68%
2 Goldman Sachs 11,680.11 33 7.49%
3 BNP Paribas 11,308.56 28 7.25%
4 SG Corporate & Investment Banking 10,021.99 35 6.43%
5 Credit Agricole CIB 8,536.95 25 5.48%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
1 BNP Paribas 5,691.31 17 11.49%
2 Natixis 4,198.16 13 8.48%
3 UniCredit 3,603.51 13 7.28%
4 Barclays 3,031.55 10 6.12%
5 HSBC 2,631.99 9 5.32%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
1 JPMorgan 418.21 431 9.43%
2 Bank of America Merrill Lynch 353.19 422 7.96%
3 Goldman Sachs 306.78 341 6.92%
4 Citi 287.06 417 6.47%
5 Barclays 260.45 382 5.87%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
1 HSBC 3,914.06 9 0.00%
2 BNP Paribas 2,683.11 7 0.00%
3 Bank of America Merrill Lynch 2,623.53 8 0.00%
4 SG Corporate & Investment Banking 2,416.45 7 0.00%
5 UBS 2,049.79 9 0.00%