Mediobanca shows OBG demand is more nuanced

Mediobanca followed Intesa into the Obbligazioni Bancarie Garantite (OBG) market on Thursday and, despite coming with an easier to sell shorter maturity, demand was down by almost two-thirds compared to the earlier deal. Even so, bankers have not ruled out the possibility that one or two Italian banks could soon follow.

  • By Bill Thornhill
  • 05 Jul 2018

Mediobanca attracted demand of little more than €500m for its six year deal which was priced at 70bp over mid-swaps, with a new issue concession of 25bp, from initial guidance of low 70bp area. 

That compared to demand of more than €1.5bn for Intesa Sanpaolo’s €1bn seven year which ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 5,239.87 22 7.11%
2 Barclays 4,135.60 21 5.61%
3 UniCredit 4,051.06 32 5.50%
4 LBBW 4,045.18 22 5.49%
5 Natixis 3,766.40 16 5.11%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 15,629.74 63 7.72%
2 JPMorgan 12,765.84 52 6.31%
3 Morgan Stanley 12,313.52 57 6.08%
4 Goldman Sachs 11,552.63 78 5.71%
5 BNP Paribas 10,522.53 32 5.20%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,526.69 43 10.95%
2 Citi 11,433.37 49 10.86%
3 Morgan Stanley 10,394.49 44 9.88%
4 Goldman Sachs 10,341.62 70 9.83%
5 Bank of America Merrill Lynch 9,431.14 33 8.96%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 3,255.83 11 7.35%
2 HSBC 3,089.99 10 6.97%
3 LBBW 3,017.42 12 6.81%
4 Barclays 2,870.45 11 6.48%
5 Credit Agricole CIB 2,847.49 11 6.43%

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 UBS 2,550.05 5 24.58%
2 HSBC 984.09 6 9.49%
3 Deutsche Bank 695.24 5 6.70%
4 Santander 660.14 4 6.36%
5 Credit Suisse 618.23 4 5.96%