Intesa shows the future of tier two capital

European tier two capital securities dropped by up to three points in price this week, as investors digested a decision by Intesa Sanpaolo to remove call options from €2.6bn of bonds it is targeting in a liability management exercise.

  • 02 Nov 2012

By Thursday, however, prices were retracing those gains, prompting bankers to warn that investors were not adapting to the new call environment in tier two capital.

The Italian bank hopes that removing the calls will increase the probability of the notes being counted as tier two regulatory capital under ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 5,239.87 22 7.07%
2 Barclays 4,135.60 21 5.58%
3 UniCredit 4,051.06 32 5.46%
4 LBBW 4,045.18 22 5.46%
5 Natixis 3,766.40 16 5.08%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 16,009.02 70 7.52%
2 Morgan Stanley 13,179.54 64 6.19%
3 JPMorgan 13,100.43 56 6.15%
4 Goldman Sachs 12,657.95 85 5.95%
5 BNP Paribas 11,455.48 34 5.38%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,811.28 46 10.73%
2 Citi 11,687.10 53 10.62%
3 Goldman Sachs 11,446.94 77 10.40%
4 Morgan Stanley 11,022.13 49 10.01%
5 Bank of America Merrill Lynch 9,769.97 38 8.88%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 3,255.83 11 7.35%
2 HSBC 3,089.99 10 6.97%
3 LBBW 3,017.42 12 6.81%
4 Barclays 2,870.45 11 6.48%
5 Credit Agricole CIB 2,847.49 11 6.43%

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 UBS 2,550.05 5 22.22%
2 Credit Agricole CIB 1,563.81 4 13.62%
3 HSBC 984.09 6 8.57%
4 Deutsche Bank 695.24 5 6.06%
5 Santander 660.14 4 5.75%