Delayed rally sparks FIG flurry

FIG issuers wasted no time getting deals on screen after Tuesday’s rally, with BNP Paribas and Zurich Insurance finding enthusiastic demand for senior unsecured deals. While the causes of Tuesday’s rally perplexed syndicators — they attributed it to a delayed reaction to Greek elections, combined with an increased expectation of policy action — there was no doubting the strength of demand for FIG paper.

  • 20 Jun 2012

BNP Paribas’ five year senior unsecured deal was expected to go well, with one banker away from the deal saying it was likely to bring pricing in from the 155bp over mid-swaps initial price thoughts.

By mid-morning, orders were approaching €2.75bn for Zurich Insurance’s 10 year senior deal, a ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 325,433.10 1264 8.10%
2 JPMorgan 317,420.42 1383 7.90%
3 Bank of America Merrill Lynch 292,651.96 1006 7.28%
4 Barclays 245,574.95 917 6.11%
5 Goldman Sachs 216,745.88 728 5.39%

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1 BNP Paribas 45,589.37 178 7.10%
2 JPMorgan 43,572.44 88 6.79%
3 Credit Agricole CIB 33,071.14 158 5.15%
4 UniCredit 33,064.66 151 5.15%
5 SG Corporate & Investment Banking 32,145.89 124 5.01%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 13,559.65 59 8.93%
2 Goldman Sachs 13,209.37 65 8.70%
3 Citi 9,711.73 55 6.40%
4 Morgan Stanley 8,471.86 53 5.58%
5 UBS 8,136.41 33 5.36%