EBA opens equity-linked door

The European Banking Authority on Thursday opened the door to equity-linked issuance for banks to meet the regulator’s 9% capital buffer. The common termsheet for contingent capital instruments published by the EBA specifies the core features that instruments must have in writedown situations — but leaves open the possibility for additional optional conversion by holders.

  • 08 Dec 2011

That could give the traditional convertible bond investor base more interest in subscribing for what will otherwise be a difficult sell.

The amount of required capital to be raised from the market, or from governments, however looks like it could be larger than the October estimates. Banks will be ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Citi 280,892.95 1037 8.97%
2 JPMorgan 256,461.06 1168 8.19%
3 Bank of America Merrill Lynch 250,468.43 865 8.00%
4 Goldman Sachs 192,174.73 616 6.14%
5 Barclays 184,453.95 705 5.89%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 28,971.26 117 7.01%
2 Deutsche Bank 27,415.35 91 6.63%
3 Bank of America Merrill Lynch 25,509.39 71 6.17%
4 BNP Paribas 21,729.97 121 5.26%
5 Credit Agricole CIB 19,966.59 113 4.83%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 JPMorgan 13,671.74 61 7.87%
2 Citi 12,076.06 76 6.95%
3 Morgan Stanley 11,899.85 66 6.85%
4 UBS 11,800.30 47 6.80%
5 Goldman Sachs 11,111.93 58 6.40%