Italy’s Sondrio takes pricy T2 in quiet market

Banca Popolare di Sondrio tapped the FIG euro market this week, looking to bolster its subordinated capital buffer. The issuer had to pay an expensive coupon of 6.25% on the notes, but with this issuance it fulfils its minimum requirements for own funds and eligible liabilities (MREL).

  • By David Freitas
  • 23 Jul 2019

Sondrio opened books for its 10 year non-call five tier two on Tuesday morning through bookrunners Banca IMIBNP ParibasJP MorganNatixisSociété Générale and UniCredit.

They went out with initial price thoughts in the 6.25% area.

Demand from investors had reached €200m after about two hours, ...

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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%