Danske AT1 trades down as other issuers look on

Danske Bank’s additional tier one note struggled to remain above water in the secondary market on Thursday as subordinated financials debt across Europe sold off. Other banks with plans to issue the instrument will be watching the market closely.

  • By Jasper Cox
  • 21 Jun 2018

On Thursday afternoon the bond was seen trading at a cash price of 99.9, having fallen by 0.7 points over the course of the day. Other high-yielding issues from banks, particularly those from Italian and Spanish lenders, also suffered.

The previous day, joint lead managers BNP Paribas

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 9,646.84 53 5.49%
2 UniCredit 9,161.39 60 5.21%
3 LBBW 8,568.90 53 4.88%
4 Natixis 8,477.22 42 4.82%
5 Credit Suisse 7,862.88 42 4.47%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 59,727.04 222 6.74%
2 Citi 55,646.78 262 6.28%
3 Bank of America Merrill Lynch 55,339.03 202 6.24%
4 Goldman Sachs 49,484.55 401 5.58%
5 Morgan Stanley 47,364.05 246 5.34%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 50,275.64 157 11.72%
2 Citi 46,415.97 206 10.82%
3 Bank of America Merrill Lynch 45,259.37 167 10.55%
4 Goldman Sachs 38,406.83 356 8.95%
5 Morgan Stanley 36,139.86 188 8.42%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 6,511.67 24 7.33%
2 UniCredit 5,302.66 21 5.97%
3 Deutsche Bank 5,002.94 16 5.64%
4 LBBW 4,811.97 20 5.42%
5 Commerzbank Group 4,809.31 18 5.42%

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 11.90%
2 UBS 3,374.07 13 8.49%
3 BNP Paribas 2,704.23 11 6.80%
4 Credit Agricole CIB 2,490.29 7 6.27%
5 Credit Suisse 2,352.50 10 5.92%