Deutsche unveils new generation of CMBS but ‘X’ note survives

Investors got their first glimpse of the new generation of commercial mortgage backed securities this week when Deutsche Bank revealed the structure of Deco 2011-CSPK, the first post-crisis European CMBS deal.

  • 03 Jun 2011
The offering circular shows how Deutsche’s structure should solve some of the issues thrown up by the crisis. However, the deal still features controversial elements, such as an ‘X’ note, which allows the structuring bank to capture excess spread. As CMBS deals are typically risk transfer trades selling ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 HSBC 2,397.96 9 4.23%
2 SG Corporate & Investment Banking 2,188.22 8 3.86%
3 LBBW 1,773.99 6 3.13%
4 UBS 1,773.35 6 3.13%
5 BNP Paribas 1,771.98 5 3.12%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 Citi 8,638.50 15 11.13%
2 Barclays 7,212.69 10 9.29%
3 Goldman Sachs 6,158.31 19 7.93%
4 Credit Suisse 5,544.13 9 7.14%
5 Credit Agricole CIB 4,837.98 10 6.23%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 10 Jan 2017
1 Citi 7,161.15 5 19.51%
2 Barclays 5,414.82 3 14.75%
3 Credit Suisse 4,540.95 3 12.37%
4 Goldman Sachs 2,308.61 5 6.29%
5 Credit Agricole CIB 2,294.43 1 6.25%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 2,188.22 8 11.15%
2 LBBW 1,773.99 6 9.04%
3 BNP Paribas 1,422.29 4 7.25%
4 HSBC 1,372.05 4 6.99%
5 UBS 1,350.40 4 6.88%

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
  • 17 Jan 2017
1 Bank of America Merrill Lynch 811.76 5 11.41%
2 Citi 712.63 4 10.01%
3 BNP Paribas 602.64 3 8.47%
4 Credit Agricole CIB 546.86 3 7.68%
5 JPMorgan 436.73 3 6.14%