Concession decline debated as BofA, BFCM print sevens

Some FIG bankers heralded the start of a decline in senior unsecured new issue premia this week after they judged Bank of America had paid less than 10bp for its seven year. But others are adamant that borrowers looking at pre-summer trades will still have to pay double digits for access.

  • By Tom Porter
  • 18 Jul 2013

BofA printed its €1.5bn deal — its first in euros for nearly three years — at 112bp over mid-swaps on Thursday. 

The spread included a single digit premium, according to some bankers, after a two week period where FIG borrowers have paid 15bp-20bp or more for euro funding.

“We could ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 9,646.84 53 5.52%
2 UniCredit 9,064.27 59 5.18%
3 LBBW 8,460.29 51 4.84%
4 Natixis 8,380.29 41 4.79%
5 Commerzbank Group 7,808.11 45 4.47%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 54,485.03 201 6.34%
2 Citi 54,367.98 259 6.33%
3 JPMorgan 52,700.20 217 6.13%
4 Goldman Sachs 47,685.69 398 5.55%
5 Morgan Stanley 45,832.73 245 5.33%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 45,275.50 204 10.97%
2 Bank of America Merrill Lynch 44,405.37 166 10.76%
3 JPMorgan 43,387.18 154 10.51%
4 Goldman Sachs 38,033.04 355 9.21%
5 Morgan Stanley 34,608.53 187 8.38%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 6,511.67 24 7.33%
2 UniCredit 5,302.66 21 5.97%
3 Deutsche Bank 5,002.94 16 5.64%
4 LBBW 4,811.97 20 5.42%
5 Commerzbank Group 4,809.31 18 5.42%

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 HSBC 4,729.28 11 11.92%
2 UBS 3,374.07 13 8.50%
3 BNP Paribas 2,704.23 11 6.81%
4 Credit Agricole CIB 2,458.47 6 6.20%
5 Credit Suisse 2,352.50 10 5.93%