Top stories
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LBBW draws deeper and more diverse demand for green Pfandbrief first
LBBW’s debut green Pfandbrief attracted a larger order book from a wider set of international investors compared with a vanilla deal, suggesting the bonds have good scope to perform relative to ordinary deals.
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De Volksbank kick-starts busy week with return to senior
De Volksbank began the process of selling its second issuance of senior bonds supply in the financial institutions bond market this week.
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Raiffeisen to focus on funding new loans with debut green
Raiffeisen Bank International has become the latest European bank to announce plans to sell its first green bond, with the Austrian firm keen to finance new sustainable loans with its inaugural issue.
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Caixa Geral adds Portuguese sub debt to big FIG pipeline
Portugal’s Caixa Geral de Depósitos is lining up a tier two transaction, as bankers look forward to the reopening of primary markets in Europe.
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Nordea set to unlock FIG pipeline with first MREL senior bond
A debut offering of non-preferred senior debt from Nordea Bank could kick off a wave of euro supply from financial institutions after markets settled back into a pattern of stability this week.
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Dollar FIG supply jumps back to life
JP Morgan and National Australia Bank exploited improving market conditions to print benchmark trades this week, as they jumped into the market before the Federal Reserve voted to hike rates.
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HSBC picks up $3bn by double dipping in dollars
HSBC showed the strength and depth of the dollar market this week, taking $3bn of new holding company level funding out of the market little more than a month after it had raised $6bn in the currency.
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CNP lines up RT1 after ‘spicy’ Vivat debut
French insurer CNP Assurances said this week that it would issue its first ever restricted tier one bond, just days after Vivat paid a hefty premium to bring its own debut offering in the format.
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Garanti Bank prints gender bond MTN
Turkey’s Garanti bank has sold its first ever social bond, a $75m private placement. The International Finance Corporation purchased the bond as part of its Banking on Women Programme.
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Risk study on energy-efficient mortgages commences
A pilot scheme to assess the risk of mortgages on energy-efficient buildings, compared with those on standard properties, was launched on Thursday by the European Mortgage Federation and European Covered Bond Council (EMF-ECBC) under its Energy-Efficient Mortgage Initiative.
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BoE’s MREL policy raises questions about the value of legacy capital
UK banks may have to reassess the make-up of their capital structures after the Bank of England said this week that it could slap a higher minimum requirement for own funds and eligible liabilities (MREL) on groups with regulatory debt sat outside the main resolution entity.
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Asia social bonds ready to bloom as IBK picks banks
Social bonds in Asia have been rare, to say the least. But with Industrial Bank of Korea preparing for the region’s first dollar-denominated social bond issuance, the potential for the market is huge, writes Jasper Cox.
Go to GlobalCapital's FIG data pages for the most up to date information on the global financial institution bond markets. Find our FIG bond comments, FIG league tables by Dealogic and our priced deals database.
** NEW **
This now includes all the data from TheCover:
Covered Bonds Priced Deals database
Covered Bonds League Table Builder
Comment
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A year in the dark
A year on from the collapse Banco Popular, the public should have much greater transparency about the bank resolution process in Europe.
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Biggest risk for Cédulas transition is implementation
Spanish regulators are likely to introduce a wide range of essential revisions to the Cédulas law once the final version of the European Commission’s covered bond directive has been published. If carefully calibrated, the changes can be credit neutral. The biggest challenge is their implementation.
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Focus on loss misses the point of RBS share sales
After the UK Treasury sold £2.5bn of RBS stock this week, observers quickly pointed out that the sale represented a huge loss for taxpayers. Yet the gradual return of the bank to full private ownership is a win for the UK financial sector and for the economy as a whole.
FIG Priced Deals Database
| Issuer | Maturity | Size |
|---|---|---|
|
|
||
| Svenska Handelsbanken | 18-Jun-22 | 500 |
| NatWest Markets | 14-Jun-23 | 500 |
| SBAB Bank | 14-Jun-23 | 500 |
| Credit Suisse Group | 12-Jun-24 | 1250 |
| Credit Suisse Group | 12-Jun-24 | 750 |
Senior Debt
Bank/Insurance Capital
Covered Bonds
MTNs and CP
People & Markets
Bond Comments
Bookrunners of Global FIG
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 50,661.71 | 180 | 6.68% |
| 2 | JPMorgan | 49,998.66 | 199 | 6.60% |
| 3 | Citi | 46,505.24 | 237 | 6.14% |
| 4 | Goldman Sachs | 42,611.47 | 322 | 5.62% |
| 5 | Morgan Stanley | 41,716.34 | 218 | 5.50% |
Bookrunners of Global Covered Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 8,539.81 | 48 | 5.76% |
| 2 | Natixis | 7,726.75 | 36 | 5.22% |
| 3 | LBBW | 7,655.44 | 44 | 5.17% |
| 4 | UniCredit | 7,639.27 | 45 | 5.16% |
| 5 | Credit Suisse | 7,360.16 | 38 | 4.97% |
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Bank Profiles
Latest news by market and league table performance
Bookrunners of Global Covered Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 8,539.81 | 48 | 5.76% |
| 2 | Natixis | 7,726.75 | 36 | 5.22% |
| 3 | LBBW | 7,655.44 | 44 | 5.17% |
| 4 | UniCredit | 7,639.27 | 45 | 5.16% |
| 5 | Credit Suisse | 7,360.16 | 38 | 4.97% |
Bookrunners of Global FIG
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 50,661.71 | 180 | 6.68% |
| 2 | JPMorgan | 49,998.66 | 199 | 6.60% |
| 3 | Citi | 46,505.24 | 237 | 6.14% |
| 4 | Goldman Sachs | 42,611.47 | 322 | 5.62% |
| 5 | Morgan Stanley | 41,716.34 | 218 | 5.50% |
Bookrunners of Dollar Denominated FIG
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 41,685.25 | 152 | 10.97% |
| 2 | JPMorgan | 41,637.21 | 142 | 10.96% |
| 3 | Citi | 38,330.74 | 188 | 10.09% |
| 4 | Goldman Sachs | 34,617.41 | 288 | 9.11% |
| 5 | Morgan Stanley | 32,672.22 | 174 | 8.60% |
Bookrunners of Euro Denominated Covered Bond Above €500m
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Natixis | 6,263.92 | 23 | 8.21% |
| 2 | UniCredit | 4,780.36 | 19 | 6.27% |
| 3 | LBBW | 4,596.09 | 19 | 6.03% |
| 4 | Deutsche Bank | 4,163.44 | 13 | 5.46% |
| 5 | Commerzbank Group | 3,994.46 | 14 | 5.24% |
Global FIG Revenue
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 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 % |
|---|---|---|---|---|
| 1 | HSBC | 4,538.06 | 9 | 12.76% |
| 2 | UBS | 3,374.07 | 13 | 9.48% |
| 3 | BNP Paribas | 2,596.35 | 10 | 7.30% |
| 4 | Credit Agricole CIB | 2,458.47 | 6 | 6.91% |
| 5 | SG Corporate & Investment Banking | 2,180.25 | 9 | 6.13% |
