Investec gets sterling lower tier two away, while Sabadell and BBK complete LM

Investec priced the first sterling tier two deal since April 2010 on February 11, a £500m bullet 11 year issue via Barclays Capital, Investec and Lloyds CM. However, while the leads on the trade were pleased with the outcome, they said the issue did not herald a full re-opening of the subordinated market.

  • 18 Feb 2011

This is mainly because most of the deal was done as part of a liability management whereby Investec was seeking to exchange outstanding upper tier two and lower tier two securities into the new bullet issue.

"While the deal was successful, the read through to other issuers is ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 8,472.52 36 6.26%
2 Commerzbank Group 6,830.68 42 5.04%
3 UniCredit 6,825.82 54 5.04%
4 BNP Paribas 6,477.17 27 4.78%
5 LBBW 6,140.56 29 4.53%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 76,734.75 290 7.49%
2 Goldman Sachs 66,762.71 336 6.51%
3 Bank of America Merrill Lynch 66,233.17 243 6.46%
4 Citi 64,509.12 373 6.29%
5 JPMorgan 62,617.38 297 6.11%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 58,376.99 210 10.76%
2 Citi 56,048.85 293 10.33%
3 Bank of America Merrill Lynch 53,331.07 205 9.83%
4 JPMorgan 51,856.81 227 9.56%
5 Goldman Sachs 51,087.97 275 9.42%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 LBBW 5,014.64 17 7.41%
2 SG Corporate & Investment Banking 4,741.46 19 7.01%
3 BNP Paribas 4,566.36 14 6.75%
4 Credit Agricole CIB 4,553.92 17 6.73%
5 Commerzbank Group 4,242.73 17 6.27%

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 HSBC 7,876.41 27 14.03%
2 Barclays 6,735.15 18 12.00%
3 BNP Paribas 3,779.92 18 6.74%
4 Credit Suisse 3,754.01 17 6.69%
5 Citi 3,502.60 28 6.24%