After rough ’18, small banks pick single bookrunners

Smaller financial institution issuers have been welcomed back to the European bond market in recent weeks, after their hopes of raising deeply subordinated capital were dashed by turbulent market conditions in late 2018. But they are not taking chances this time, seeking comfort in using the support of just one investment bank rather than a group of bookrunners.

  • By Tyler Davies
  • 04 Apr 2019

Investors were already familiar with Volksbank Wien before it arrived in the euro market on Tuesday to raise €220m of perpetual non-call five year additional tier one capital at a coupon of 7.75%.

The Austrian bank had tried ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 11,694.44 97 6.03%
2 HSBC 11,111.48 60 5.73%
3 LBBW 9,011.90 53 4.65%
4 UBS 8,078.41 47 4.16%
5 Natixis 7,644.64 40 3.94%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 73,204.36 371 6.09%
2 Bank of America Merrill Lynch 69,564.17 331 5.79%
3 Citi 63,983.51 361 5.32%
4 Morgan Stanley 56,242.30 296 4.68%
5 Goldman Sachs 49,250.67 418 4.10%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 58,025.88 284 11.20%
2 Bank of America Merrill Lynch 56,278.96 276 10.86%
3 Citi 51,335.67 282 9.91%
4 Morgan Stanley 41,362.96 206 7.98%
5 Goldman Sachs 36,911.69 353 7.12%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 6,344.57 31 6.38%
2 Natixis 6,233.11 25 6.26%
3 Credit Agricole CIB 5,863.28 26 5.89%
4 LBBW 5,801.16 24 5.83%
5 HSBC 5,646.37 23 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 6,650.85 19 11.22%
2 UBS 5,041.69 27 8.50%
3 BNP Paribas 4,750.73 23 8.01%
4 JPMorgan 4,061.30 31 6.85%
5 Credit Suisse 3,901.61 15 6.58%