NSFR targets will drive big surge in senior supply, says JP Morgan

New liquidity requirements will cause a boom in senior bond issuance in the same way that the introduction of capital requirements led to a surge in the supply of subordinated debt, according to analysts at JP Morgan. The analysts said that investors have been underestimating how quickly this trend will impact the euro market.

  • By Tyler Davies
  • 10 Oct 2018

Axel Finsterbusch and Roberto Henriques, financials credit analysts at JP Morgan, warned in a report this week that European banks would need to start ramping up their sales of preferred senior bonds from early 2019.

They described a storm of regulatory developments that could lead to issuance ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 9,230.96 80 5.91%
2 HSBC 8,592.02 43 5.50%
3 LBBW 8,280.86 47 5.30%
4 Natixis 6,643.65 32 4.25%
5 Barclays 6,490.00 33 4.15%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 49,562.30 215 6.28%
2 Citi 46,993.54 251 5.96%
3 JPMorgan 44,208.42 233 5.61%
4 Morgan Stanley 32,599.82 190 4.13%
5 HSBC 32,227.16 198 4.09%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 40,819.48 178 11.88%
2 Citi 36,691.94 193 10.68%
3 JPMorgan 34,866.96 176 10.15%
4 Morgan Stanley 24,012.78 135 6.99%
5 Wells Fargo Securities 22,722.23 100 6.61%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,516.84 21 6.91%
2 LBBW 5,291.48 20 6.62%
3 Credit Agricole CIB 4,664.16 20 5.84%
4 HSBC 4,549.39 16 5.69%
5 Deutsche Bank 4,534.04 16 5.68%

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 Barclays 5,933.32 13 15.57%
2 UBS 3,859.50 17 10.13%
3 BNP Paribas 3,553.97 13 9.32%
4 Credit Agricole CIB 3,549.81 11 9.31%
5 HSBC 1,977.94 14 5.19%