Rating the raters: the risks of reform

The European Commission has had it in for ratings agencies for some time. It misguidedly apportions at least some of the blame for the region’s sovereign debt woes on sovereign rating actions. Its revenge is an attempt to decrease the agencies’ influence. Some of its aims are good but cack-handed implementation may bring a whole new set of risks.

  • 15 Nov 2011
If there is anyone out there who still doubts that the European Commission hates ratings agencies, Tuesday’s announcement of its proposals for the sector gave them their answer. The EC said it wants the agencies to be more accountable, more transparent and subject to more competition. And it ...

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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 7.08%
2 Barclays 4,135.60 21 5.59%
3 UniCredit 4,051.06 32 5.47%
4 LBBW 4,045.18 22 5.47%
5 Natixis 3,766.40 16 5.09%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 15,933.47 68 7.62%
2 JPMorgan 13,100.43 56 6.27%
3 Morgan Stanley 12,871.67 62 6.16%
4 Goldman Sachs 11,917.51 81 5.70%
5 BNP Paribas 11,455.48 34 5.48%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,811.28 46 10.83%
2 Citi 11,687.10 53 10.72%
3 Morgan Stanley 10,772.13 48 9.88%
4 Goldman Sachs 10,706.50 73 9.82%
5 Bank of America Merrill Lynch 9,767.97 37 8.96%

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%