Novo Banco feud won't go away for Portugal

A long-standing dispute about how the Bank of Portugal handled the senior bonds of Novo Banco in 2015 reared its head again this week, as a group of influential asset managers refused to take part in a subordinated bond issue from Banco Comercial Português (BCP). But the boycott is yet to damage Portuguese financial institutions, with banks gradually restoring their access to the capital markets, writes Tyler Davies.

  • By Tyler Davies
  • 30 Nov 2017

BCP was 2-1/2 times subscribed for a €300m offering of 10 year non-call five tier two notes on Wednesday — its first subordinated bond issuance since the eurozone financial crisis.

The issuer did well to attract such a healthy order book given that some corners of the bond ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 7,466.45 40 5.70%
2 Natixis 7,203.12 31 5.50%
3 Credit Suisse 7,022.58 35 5.36%
4 LBBW 6,855.59 38 5.23%
5 UniCredit 6,528.35 40 4.98%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 46,538.25 147 6.98%
2 Citi 42,730.19 207 6.41%
3 JPMorgan 42,104.91 172 6.32%
4 Goldman Sachs 38,945.82 268 5.84%
5 Morgan Stanley 38,549.63 184 5.78%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 37,630.60 121 11.10%
2 JPMorgan 35,733.01 122 10.54%
3 Citi 34,819.94 160 10.27%
4 Goldman Sachs 31,136.63 235 9.18%
5 Morgan Stanley 30,197.39 146 8.91%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 6,119.91 22 8.95%
2 LBBW 4,244.39 18 6.21%
3 Deutsche Bank 4,163.44 13 6.09%
4 UniCredit 3,902.49 16 5.71%
5 SG Corporate & Investment Banking 3,848.68 16 5.63%

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 4,538.06 9 13.03%
2 UBS 3,374.07 13 9.69%
3 BNP Paribas 2,596.35 10 7.46%
4 Credit Agricole CIB 2,458.47 6 7.06%
5 SG Corporate & Investment Banking 2,180.25 9 6.26%