EBA takes ‘step forward’ with ESNs

The European Banking Authority has spelled out its thoughts about the worth of creating a market for European Structured Notes (ESNs), a covered bond-like dual-recourse instrument backed by a broader range of assets than legislative covered bonds ahead of a public hearing on the potential asset class next week.

  • By Tyler Davies
  • 22 Jun 2018

The idea behind the ESN asset class is that it could be advantageous for banks to have access to a new dual-recourse funding instrument, sitting somewhere between covered bonds and securitizations, which could be used to fund SME loans or infrastructure loans.

The EBA has been doing extensive work ...

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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%