Hybrid bond mart in uproar as NAIC rules Ecaps equity

The US's red-hot hybrid capital securities market was knocked sideways this week when the National Association of Insurance Commissioners, which regulates how insurance companies invest, suddenly and inexplicably decided to redesignate one of the most debt-like structures as common equity.

  • 17 Mar 2006

Hybrid capital spreads across the board blew out 10bp on news that the $300m deal Lehman Brothers issued last August, introducing a structure it called Enhanced Capital Advantaged Preferred Securities (Ecaps), had been redesignated as an instrument equivalent to common equity.

The decision was made by the NAIC's Securities ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 20,041.00 34 7.66%
2 Citi 18,215.95 71 6.97%
3 JPMorgan 16,098.67 49 6.16%
4 Goldman Sachs 15,821.46 36 6.05%
5 HSBC 15,568.27 47 5.95%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 48,528.41 214 6.32%
2 Deutsche Bank 44,075.51 161 5.74%
3 BNP Paribas 41,452.79 240 5.40%
4 JPMorgan 37,278.65 134 4.85%
5 SG Corporate & Investment Banking 36,258.27 187 4.72%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 1,607.28 5 28.64%
2 Credit Suisse 1,301.65 4 23.20%
3 BNP Paribas 522.35 4 9.31%
4 SG Corporate & Investment Banking 444.17 3 7.92%
5 Morgan Stanley 331.78 2 5.91%