Clawback key to Erste rights issue

Erste Group Bank completed a €660m pre-placement on Tuesday morning in a deal that is subject to up to 50% claw-back and which set the pricing terms for its rights offer to shareholders.

  • By Andrew Griffin
  • 04 Jul 2013

At-market rights issue structures aren’t uncommon but bankers involved said that few have such a high level of potential clawback over such a long period. For the Erste deal, that meant that buyers of the shares were effectively writing a 20 day put option to rights holders.

Erste ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 9,899.53 85 5.93%
2 HSBC 9,555.04 49 5.73%
3 LBBW 8,393.04 48 5.03%
4 UBS 7,025.55 38 4.21%
5 Natixis 6,983.61 35 4.19%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Bank of America Merrill Lynch 51,652.37 236 5.83%
2 Citi 51,520.64 277 5.82%
3 JPMorgan 50,413.29 259 5.69%
4 Morgan Stanley 37,444.59 211 4.23%
5 HSBC 35,000.16 218 3.95%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Bank of America Merrill Lynch 42,087.70 194 11.13%
2 Citi 40,320.97 212 10.66%
3 JPMorgan 40,094.95 197 10.60%
4 Morgan Stanley 27,290.14 144 7.22%
5 Goldman Sachs 26,779.07 255 7.08%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
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1 Natixis 5,705.57 22 6.61%
2 LBBW 5,403.66 21 6.26%
3 HSBC 5,076.13 19 5.88%
4 Credit Agricole CIB 4,965.07 22 5.75%
5 Deutsche Bank 4,872.38 17 5.64%

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 %
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  • Today
1 Barclays 6,110.54 14 14.47%
2 UBS 4,173.38 19 9.88%
3 BNP Paribas 3,846.71 16 9.11%
4 Credit Agricole CIB 3,549.81 11 8.41%
5 HSBC 2,155.16 15 5.10%