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 390,564.78 1474 8.99%
2 JPMorgan 358,442.23 1626 8.25%
3 Bank of America Merrill Lynch 344,395.33 1215 7.93%
4 Goldman Sachs 257,185.44 862 5.92%
5 Barclays 252,851.12 991 5.82%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 36,645.46 176 6.31%
2 Deutsche Bank 36,386.11 128 6.26%
3 Bank of America Merrill Lynch 30,712.91 97 5.28%
4 BNP Paribas 30,600.75 184 5.27%
5 Barclays 30,394.96 86 5.23%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 JPMorgan 21,398.51 94 8.80%
2 Morgan Stanley 17,329.08 90 7.13%
3 Citi 16,974.50 104 6.98%
4 UBS 16,643.68 66 6.85%
5 Goldman Sachs 16,179.39 87 6.66%