Regulatory activism: how to snitch and make money

When one investment fund judged that a UK building society’s non-paying legacy capital instrument did not comply with European regulations, it saw an opportunity to make a return.

  • By Jasper Cox
  • 12 Apr 2018

As financial institutions work out how to deal with old capital products, sometimes investors risk losing out. Last month Aviva told the market it could redeem its preference shares at par, before backtracking amid a wave of criticism.

But in one case where the creditor has got on ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 10,728.85 61 5.34%
2 UniCredit 10,041.71 74 5.00%
3 LBBW 9,752.95 65 4.85%
4 Natixis 9,399.97 49 4.68%
5 Commerzbank Group 9,317.67 57 4.64%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 74,275.20 309 6.45%
2 Bank of America Merrill Lynch 71,688.10 265 6.23%
3 Citi 70,268.02 350 6.10%
4 Goldman Sachs 65,241.22 525 5.67%
5 HSBC 61,420.90 277 5.33%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 60,985.86 215 11.02%
2 Bank of America Merrill Lynch 59,969.47 219 10.84%
3 Citi 55,716.51 263 10.07%
4 Goldman Sachs 49,225.99 464 8.89%
5 Morgan Stanley 45,917.96 255 8.30%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 6,934.65 26 7.16%
2 Commerzbank Group 5,647.34 22 5.83%
3 SG Corporate & Investment Banking 5,470.19 24 5.65%
4 UniCredit 5,468.87 22 5.64%
5 Deutsche Bank 5,233.70 17 5.40%

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 7,022.22 19 12.74%
2 Barclays 4,410.61 16 8.00%
3 Credit Suisse 4,278.10 14 7.76%
4 BNP Paribas 3,808.41 16 6.91%
5 UBS 3,802.05 17 6.90%