Spanish bail-in, Part I: speculation hangs over senior FIG debt

The senior unsecured FIG market appeared revitalised on Monday as Spain’s €100bn banking sector bail-out provided issuers with the window they had been looking for to break a 10 week hiatus in benchmark sized, fixed rate supply in euros. But concerns arose over how Spain would pay the bill for the rescue package, with some concerned that senior FIG creditors could be bailed in.

  • 11 Jun 2012

Buoyed by news of the Spanish rescue, investors brushed aside concerns over the lack of detail on the how the bail-out would work to pile into new issues from Svenska Handelsbanken and Swedbank.

Bankers were not surprised to see the market re-opened by strong Nordic names, pointing out that ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 18,481.15 26 4.39%
2 HSBC 16,094.53 24 3.83%
3 BNP Paribas 15,919.65 22 3.79%
4 Barclays 15,870.51 25 3.77%
5 Goldman Sachs 14,733.99 25 3.50%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 53,463.63 126 11.62%
2 Citi 52,833.87 135 11.48%
3 HSBC 35,802.36 90 7.78%
4 Bank of America Merrill Lynch 34,298.88 106 7.45%
5 Deutsche Bank 31,295.15 75 6.80%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 34,793.50 122 7.23%
2 HSBC 34,778.70 117 7.23%
3 Barclays 32,929.25 80 6.85%
4 Goldman Sachs 31,906.26 88 6.63%
5 BNP Paribas 31,635.81 68 6.58%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 95,819.56 331 7.31%
2 JPMorgan 94,013.25 550 7.17%
3 HSBC 82,226.81 301 6.27%
4 Barclays 67,375.60 218 5.14%
5 Bank of America Merrill Lynch 66,801.88 220 5.09%