Pru swells syndicate as rights issue takes lead in $35bn deal

The $20.7bn rights issue announced by UK insurer Prudential on Monday for its $35.5bn acquisition of AIA, the largest acquisition related ECM deal on record, had equity bankers this week predicting a greater emphasis on M&A financing through the equity markets.

  • 05 Mar 2010

One of the largest ever underwriting syndicates has been put to work on the rights issue.

"Prudential’s deal highlights that future large cap M&A deals may be based heavily around equity rather than leverage," said the head of global equity capital markets at one of the bookrunners.

Bookrunners ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 13,951.26 77 5.56%
2 UniCredit 12,799.14 93 5.10%
3 Natixis 11,652.77 67 4.64%
4 UBS 11,388.66 61 4.54%
5 LBBW 11,285.83 74 4.50%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 87,198.51 364 6.21%
2 Citi 78,914.26 425 5.62%
3 Bank of America Merrill Lynch 78,244.27 325 5.58%
4 Goldman Sachs 72,613.81 636 5.18%
5 HSBC 71,510.81 339 5.10%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 70,551.16 252 11.09%
2 Bank of America Merrill Lynch 64,880.35 272 10.20%
3 Citi 61,732.00 323 9.70%
4 Morgan Stanley 54,578.23 314 8.58%
5 Goldman Sachs 54,299.46 565 8.53%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 8,357.33 33 7.02%
2 Commerzbank Group 6,550.39 26 5.51%
3 Deutsche Bank 6,535.71 22 5.49%
4 UniCredit 6,513.66 27 5.47%
5 LBBW 6,441.23 28 5.41%

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 7,765.93 22 11.95%
2 BNP Paribas 5,338.58 23 8.21%
3 Barclays 5,124.61 20 7.88%
4 Credit Suisse 4,520.44 16 6.95%
5 UBS 3,976.00 19 6.12%