Year of TLAC opens novel questions for CDS market

In our last article of 2017 we noted that it was widely billed as the year of political risk. Perhaps those in the fixed income world will call 2018 the year of TLAC (total loss absorbing capacity).

  • By GlobalCapital
  • 11 Jan 2018

Gavan Nolan

It doesn’t have quite the same resonance as electoral drama, but there is little doubt that bank credit in both cash and CDS will fundamentally change over the next 12 months.

Banks are expected to comply with the TLAC standard by January 1 2019. Institutions have ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 300,564.69 1167 8.07%
2 JPMorgan 292,705.55 1273 7.86%
3 Bank of America Merrill Lynch 274,298.19 930 7.36%
4 Barclays 227,796.85 849 6.12%
5 Goldman Sachs 201,953.92 668 5.42%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 43,084.26 173 7.10%
2 JPMorgan 38,694.99 77 6.38%
3 Credit Agricole CIB 32,927.59 157 5.43%
4 UniCredit 32,342.86 144 5.33%
5 SG Corporate & Investment Banking 31,187.44 119 5.14%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 12,840.88 54 8.97%
2 Goldman Sachs 12,059.06 58 8.42%
3 Citi 9,451.48 53 6.60%
4 Morgan Stanley 8,054.41 48 5.62%
5 UBS 7,829.15 30 5.47%