Top story

  • BoE breaks new ground with ‘exploratory’ stress test

    The Bank of England published details of its 2017 stress tests on Monday, unveiling a new ‘exploratory’ scenario that will help regulators consider how the UK banking system might evolve to confront long-term headwinds.

    • 27 Mar 2017

  • Hypo Noe covered bond surfaces after roadshow

    Hypo Noe closed a two week roadshow last Friday and has now mandated lead managers for a new €500m public sector Austrian covered bond.

    • 27 Mar 2017
  • Big TLTRO take-up will hurt covered supply

    A higher-than-expected take-up of the ECB’s final round of Targeted Longer-Term Refinancing Operations (TLTRO II) could hurt supply in covered bonds, with some analysts downgrading their expectations following Thursday’s announcement of the results.

    • 24 Mar 2017
  • Banks embrace equity conversion structures in dollar AT1 drive

    European bank issuers of additional tier one (AT1) have been abandoning the euro market in favour of dollars. But some have had to start embracing equity conversion structures to join in because it is one of the few ways to account for AT1s as debt and avoid a mark-to-market swap.

    • 23 Mar 2017
  • Caixa Geral AT1 sparks risk-reward debate with 10.75% coupon

    Caixa Geral de Depósitos attracted a solid €2bn of demand on Thursday for Portugal’s first additional tier one, as the bank made important headway on its recapitalisation plan. But market participants were divided over calculating fair value for the risky debt instrument.

    • 23 Mar 2017
  • Fresh greens as TSKB brings T2 but success limited

    Turkiye Sinai Kalkinma Bankasi (TSKB) brought new flavour to the SRI bond market this week with the first ever sustainable subordinated tier two, but the deal fell short of being a major milestone as many investors who follow green bonds are not able to buy such paper. Virginia Furness reports.

    • 23 Mar 2017
  • PKO Bank closes first Polish euro covered benchmark of the year

    PKO Bank Hipoteczny launched the first Polish euro benchmark covered bond of the year on Thursday, with pricing grinding slowly tighter after a steady bookbuilding process.

    • 23 Mar 2017
  • Mapfre enjoys smooth execution for well-expected tier two

    Investors were ready and willing to receive a new tier two from Mapfre on Wednesday, allowing the Spanish issuer to command tight pricing for the transaction despite a slight turnaround in market conditions.

    • 22 Mar 2017
  • BFCM commands tight pricing for €500m tier two

    Banque Fédérative du Crédit Mutuel (BFCM) shrugged off softer market conditions for a €500m no-grow tier two on Wednesday, choosing a smaller size and pulling pricing close to fair value.

    • 22 Mar 2017
  • Diverse covered pipeline builds with Polish, Swedish and UK issuers joining

    Yorkshire Building Society mandated banks for its first covered bond since November 2015 on Wednesday, joining a host of other issuers, as a diverse pipeline of deals builds up.

    • 22 Mar 2017
  • ING attracts blowout books on dollar holdco debut

    Investors put a whopping $16.3bn of orders into a $4bn three tranche deal from ING this week, only its second holding company level senior issue since it changed its resolution entity earlier this year.

    • 22 Mar 2017
Capital markets data from GlobalCapital


Go to GlobalCapital's FIG data pages for the most up to date information on the global financial institution bond markets. Find our FIG bond comments, FIG league tables by Dealogic and our priced deals database.

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The GlobalCapital View logo   Comment

  • Non-preferred senior by any other name

    It is all very well pressing to harmonise bank resolution frameworks across Europe, but the market has to get on with harmonising the terminology as well.

    • 14 Mar 2017

more comment

FIG Priced Deals Database

IssuerMaturitySize
UBS Group Funding20-Sep-221750
Liberbank14-Mar-27300
Nykredit Realkredit16-Jun-20500
Unione di Banche Italiane15-Sep-27500
Morgan Stanley09-Mar-271000


Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Mar 2017
1 Goldman Sachs 34,651.03 126 7.97%
2 Morgan Stanley 29,177.75 109 6.71%
3 Bank of America Merrill Lynch 27,006.26 91 6.21%
4 JPMorgan 25,239.23 117 5.80%
5 HSBC 22,669.48 102 5.21%

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 4,036.16 16 6.04%
2 Commerzbank Group 4,025.24 24 6.02%
3 SG Corporate & Investment Banking 3,839.27 16 5.74%
4 LBBW 3,832.35 17 5.73%
5 UniCredit 3,441.32 25 5.15%

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 4,036.16 16 6.04%
2 Commerzbank Group 4,025.24 24 6.02%
3 SG Corporate & Investment Banking 3,839.27 16 5.74%
4 LBBW 3,832.35 17 5.73%
5 UniCredit 3,441.32 25 5.15%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Mar 2017
1 Goldman Sachs 34,651.03 126 7.97%
2 Morgan Stanley 29,177.75 109 6.71%
3 Bank of America Merrill Lynch 27,006.26 91 6.21%
4 JPMorgan 25,239.23 117 5.80%
5 HSBC 22,669.48 102 5.21%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 Goldman Sachs 22,807.51 94
2 Morgan Stanley 21,009.07 69
3 JPMorgan 19,370.83 76
4 Bank of America Merrill Lynch 19,244.14 67
5 Citi 18,801.67 99

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 3,598.86 14 4.70%
2 LBBW 3,164.12 11 4.13%
3 Commerzbank Group 2,654.38 10 3.46%
4 BNP Paribas 2,465.63 8 3.22%
5 Credit Agricole CIB 2,428.94 10 3.17%

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 Credit Suisse 2,871.94 10 10.56%
2 BNP Paribas 2,621.82 10 9.64%
3 Barclays 2,342.82 7 8.62%
4 HSBC 2,079.93 15 7.65%
5 Bank of America Merrill Lynch 1,926.69 12 7.09%