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ICBC’s tier two fails to silence pricing debate

Once the dust had settled on last Thursday's Basel III-compliant tier two bond in dollars from Industrial and Commercial Bank of China (Asia) — the first in the region — the deal came in for mixed reviews as the bonds widened through the week.

  • By Frances J. Yoon
  • 11 Oct 2013

Even though the leads had tiptoed into the process by gathering investor ideas on pricing a day before the 10 year non call five tier two launched, pricing was complicated by varying views on how much a non-viability trigger would cost.

One Hong Kong-based investor told EuroWeek Asia ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 UniCredit 8,974.41 77 6.03%
2 HSBC 8,592.02 43 5.77%
3 LBBW 8,280.86 47 5.56%
4 Barclays 6,490.00 33 4.36%
5 Natixis 6,473.22 31 4.35%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Bank of America Merrill Lynch 45,699.73 198 6.19%
2 Citi 45,094.03 234 6.11%
3 JPMorgan 42,002.60 214 5.69%
4 Morgan Stanley 30,716.21 176 4.16%
5 HSBC 30,596.05 184 4.14%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Bank of America Merrill Lynch 37,366.87 163 11.44%
2 Citi 35,192.06 179 10.77%
3 JPMorgan 32,929.77 160 10.08%
4 Morgan Stanley 22,531.77 124 6.90%
5 Wells Fargo Securities 22,104.88 95 6.77%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Natixis 5,346.40 20 6.84%
2 LBBW 5,291.48 20 6.77%
3 HSBC 4,549.39 16 5.82%
4 Deutsche Bank 4,534.04 16 5.80%
5 Credit Agricole CIB 4,493.73 19 5.75%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • 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 %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Barclays 5,933.32 13 16.41%
2 UBS 3,578.43 14 9.90%
3 Credit Agricole CIB 3,549.81 11 9.82%
4 BNP Paribas 2,554.19 12 7.07%
5 HSBC 1,977.94 14 5.47%