ICB rules could boost secured funding, says Fitch

Fitch said on Wednesday that proposed UK ring-fencing rules would push banks to rely more on secured funding — and that senior unsecured would comprise a permanently lowered proportion of bank funding.

  • 21 Sep 2011


“The introduction of depositor preference for ring-fenced banks will also play a big role in changing the funding mix,” said Gerry Rawcliffe of Fitch’s FIG group. “Effective subordination for senior unsecured creditors will push banks towards doing as much secured funding as they are allowed.”

Fitch’s comment argues that ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 9,704.99 54 5.52%
2 UniCredit 9,161.39 60 5.21%
3 LBBW 8,568.90 53 4.88%
4 Natixis 8,477.22 42 4.82%
5 Credit Suisse 7,862.88 42 4.47%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 61,942.43 205 6.84%
2 JPMorgan 59,971.32 225 6.62%
3 Citi 57,759.05 265 6.38%
4 Goldman Sachs 51,048.80 410 5.63%
5 Morgan Stanley 47,932.32 250 5.29%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 51,483.28 169 11.69%
2 JPMorgan 50,519.92 160 11.47%
3 Citi 46,472.84 208 10.55%
4 Goldman Sachs 39,496.10 363 8.97%
5 Morgan Stanley 36,328.64 191 8.25%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • 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 %
  • 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 HSBC 4,729.28 11 11.86%
2 UBS 3,374.07 13 8.46%
3 BNP Paribas 2,704.23 11 6.78%
4 Credit Agricole CIB 2,490.29 7 6.24%
5 Credit Suisse 2,352.50 10 5.90%