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LTRO needs discrimination

The European Central Bank’s long term refinancing operation has been put to good use by the European banking sector. But its lack of discrimination raises dependency and, longer term, increases systemic risks.

  • 07 Feb 2012
The European Central Bank’s long term refinancing operation has bought much needed time and prevented a potential collapse of Europe’s weakest banks. As well as providing crucial funding, the LTRO has allowed banks to shore up their capital positions by buying back their own bonds at levels well ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • 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 %
View full table
For detailed analysis: Dealogic
  • 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 %
View full table
For detailed analysis: Dealogic
  • 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 %
View full table
For detailed analysis: Dealogic
  • 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 %
View full table
For detailed analysis: Dealogic
  • 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 %
View full table
For detailed analysis: Dealogic
  • 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%