Anaesthetised OBGs unfazed by Italian politics

The Italian Obbligazioni Bancarie Garantite market has barely reacted to the growing probability that an anti-European coalition between the Five Star Movement and League parties could soon be announced. Even though OBGs are expensive relative to senior unsecured and sovereign bond markets, spreads could well hold steady unless there is a considerable improvement in supply.

  • By Bill Thornhill
  • 11 May 2018

OBG spreads have barely moved this week, despite reports that a deal is likely to be struck between Italy’s Five Star and League parties.

The muted reaction is partly explained by the fact that both parties have dropped some of their fiercely anti-euro rhetoric. More importantly, they do not ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 7,029.07 37 5.65%
2 Credit Suisse 7,022.58 35 5.65%
3 Natixis 6,665.66 29 5.36%
4 UniCredit 6,410.63 39 5.15%
5 LBBW 6,249.79 35 5.02%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 46,403.23 145 7.13%
2 Citi 42,113.54 202 6.47%
3 JPMorgan 41,625.75 167 6.40%
4 Goldman Sachs 38,358.43 257 5.90%
5 Morgan Stanley 37,251.40 181 5.73%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 37,568.10 120 11.24%
2 JPMorgan 35,621.01 120 10.66%
3 Citi 34,269.32 156 10.25%
4 Goldman Sachs 30,549.25 224 9.14%
5 Morgan Stanley 30,196.41 145 9.03%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,582.45 20 8.81%
2 Deutsche Bank 4,163.44 13 6.57%
3 UniCredit 3,902.49 16 6.16%
4 LBBW 3,756.32 16 5.93%
5 SG Corporate & Investment Banking 3,603.72 15 5.69%

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 13.07%
2 UBS 3,374.07 13 9.72%
3 BNP Paribas 2,596.35 10 7.48%
4 Credit Agricole CIB 2,458.47 6 7.08%
5 SG Corporate & Investment Banking 2,180.25 9 6.28%