PIC offers 7.375% coupon for growth-boosting RT1 debut

Pension Insurance Corp (PIC) offered a pickup over similar instruments for its debut restricted tier one (RT1) transaction on Thursday. It hopes the deal will help it tap into growth in the UK’s pension risk transfer market.

  • By Tyler Davies
  • 18 Jul 2019

PIC opened books on a perpetual non-call 10 year restricted tier one on Thursday morning. HSBC, JP Morgan and NatWest Markets, whichrunning the trade, began the pricing in the area of 7.625%.

Investors had put in orders worth about £500m ($624.8m) by 9.30am in ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 10,508.92 89 5.90%
2 HSBC 10,220.20 53 5.74%
3 LBBW 8,393.04 48 4.71%
4 Natixis 7,239.94 37 4.07%
5 Barclays 7,218.44 37 4.05%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 60,603.56 279 5.88%
2 JPMorgan 58,738.70 311 5.70%
3 Citi 55,661.62 319 5.40%
4 Morgan Stanley 46,520.48 253 4.52%
5 Goldman Sachs 41,235.04 361 4.00%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 49,795.27 235 11.30%
2 JPMorgan 47,158.34 241 10.70%
3 Citi 43,890.39 248 9.96%
4 Morgan Stanley 35,695.37 177 8.10%
5 Goldman Sachs 31,421.70 306 7.13%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,939.43 23 6.68%
2 LBBW 5,403.66 21 6.08%
3 UniCredit 5,308.44 25 5.97%
4 Credit Agricole CIB 5,190.96 23 5.84%
5 HSBC 5,076.13 19 5.71%

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 6,245.72 16 13.46%
2 UBS 4,356.06 22 9.39%
3 BNP Paribas 3,955.22 18 8.52%
4 Credit Agricole CIB 3,549.81 11 7.65%
5 Credit Suisse 2,989.22 12 6.44%