Senior unsecured market freezing up amid spread volatility

With current market conditions blocking primary issuance, secondary market activity is freezing up in senior unsecured as volatility in CDS and cash spreads makes valuation all but impossible, said bankers on Tuesday.

  • 12 Jul 2011

After a torrid opening, spreads contracted on the back of a smooth Italian auction, bolstered by rumours that the ECB was among the buyers. But syndicate bankers said the volatility was slowing secondary flows.

“The problem is that valuation is impossible,” said a FIG syndicate head. “Bid-offer spreads are ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 10,366.35 53 6.13%
2 UniCredit 8,290.73 65 4.90%
3 BNP Paribas 7,888.81 37 4.66%
4 LBBW 7,715.16 44 4.56%
5 Commerzbank Group 7,314.58 47 4.32%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 95,196.13 374 7.34%
2 Citi 84,377.63 495 6.50%
3 Bank of America Merrill Lynch 82,995.76 326 6.40%
4 Goldman Sachs 77,646.91 437 5.98%
5 JPMorgan 75,640.06 362 5.83%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 70,948.10 379 10.97%
2 Bank of America Merrill Lynch 66,776.05 274 10.32%
3 Morgan Stanley 64,170.02 266 9.92%
4 JPMorgan 62,011.49 273 9.59%
5 Goldman Sachs 56,891.64 364 8.80%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 5,543.24 22 6.98%
2 LBBW 5,487.17 19 6.90%
3 BNP Paribas 4,946.20 16 6.22%
4 Credit Agricole CIB 4,748.11 18 5.97%
5 Commerzbank Group 4,389.40 18 5.52%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 9,144.21 24 13.34%
2 HSBC 8,738.18 35 12.75%
3 BNP Paribas 4,721.16 25 6.89%
4 Citi 4,398.19 35 6.42%
5 Credit Suisse 4,325.15 22 6.31%