Stronger balance sheets create opportunity, says FIG investor

While bank credit may be falling out of favour with some investors, one fixed income asset manager has established a new FIG fund, saying strengthening bank balance sheets will create investment opportunities.

  • 24 Oct 2011

European Credit Management has established a €500m fund to invest in global FIG credits across the capital structure. It aims to generate returns of 6%-10% above Euribor over the next two years, with returns dropping to 3%-5% over Euribor thereafter.

The lower return target after 2013 reflects ECM’s ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 8,310.39 68 6.30%
2 HSBC 7,642.52 38 5.79%
3 LBBW 7,461.99 41 5.66%
4 Natixis 5,933.30 28 4.50%
5 Barclays 5,557.78 30 4.21%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 41,805.72 207 6.68%
2 Bank of America Merrill Lynch 40,837.44 161 6.53%
3 JPMorgan 36,144.47 175 5.78%
4 HSBC 27,258.93 156 4.36%
5 Morgan Stanley 27,224.67 154 4.35%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 33,794.74 133 11.90%
2 Citi 32,925.41 161 11.59%
3 JPMorgan 29,216.73 136 10.29%
4 Morgan Stanley 19,909.37 108 7.01%
5 Goldman Sachs 17,871.55 176 6.29%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 LBBW 5,089.85 19 7.10%
2 Natixis 4,918.89 18 6.86%
3 HSBC 4,323.51 15 6.03%
4 Credit Agricole CIB 4,174.25 17 5.82%
5 UniCredit 4,163.16 19 5.81%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
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 Credit Agricole CIB 3,549.81 11 11.46%
2 UBS 3,334.58 12 10.77%
3 Barclays 3,229.69 10 10.43%
4 BNP Paribas 2,554.19 12 8.25%
5 HSBC 1,877.94 13 6.07%