Macro fears turn FIG into a ‘hit or miss’ market

Rising uncertainty around the global macroeconomic outlook has been feeding into the financial institutions bond market in recent weeks, pushing new issue premiums higher and forcing investors to become more selective about the bonds they invest in.

  • By Bill Thornhill, Tyler Davies
  • 07 Mar 2018

Vassilis Papaioannou, chief investment officer at Dolfin, said in a note this week that March could be a “decisive month” for credit and equities.

“Our long-term thesis for higher rates and higher equities has not changed, but we find it prudent to remain on the side-lines during March,” ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 8,539.81 48 5.68%
2 UniCredit 8,310.71 49 5.53%
3 LBBW 7,986.15 46 5.31%
4 Natixis 7,841.57 37 5.22%
5 Credit Suisse 7,360.16 38 4.90%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 52,355.80 185 6.78%
2 JPMorgan 50,673.66 201 6.57%
3 Citi 46,973.99 239 6.09%
4 Goldman Sachs 43,227.47 325 5.60%
5 Morgan Stanley 41,812.90 219 5.42%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 43,004.00 155 11.17%
2 JPMorgan 42,312.21 144 10.99%
3 Citi 38,799.49 190 10.08%
4 Goldman Sachs 35,233.41 291 9.15%
5 Morgan Stanley 32,672.22 174 8.49%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 6,263.92 23 8.06%
2 UniCredit 5,364.43 20 6.90%
3 LBBW 4,811.97 20 6.19%
4 SG Corporate & Investment Banking 4,208.56 18 5.42%
5 Deutsche Bank 4,163.44 13 5.36%

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 4,729.28 11 12.78%
2 UBS 3,374.07 13 9.12%
3 BNP Paribas 2,704.23 11 7.31%
4 Credit Agricole CIB 2,458.47 6 6.64%
5 SG Corporate & Investment Banking 2,263.58 10 6.12%