Top story
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TLTRO III seen as ‘inevitable’ after ECB meeting
News that the European Central Bank was "reflecting" on reinstating its Targeted Longer-Term Refinancing Operations for a third time (TLTRO III) sent a cheer through the financial institutions bond market this week. Banking commentators had been expecting some sort of extension for the cheap liquidity programme, now they see it as all but inevitable, writes Tyler Davies.
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ECB shocks market with decision to end CPT purchases
The European Central Bank (ECB) took the market by complete surprise this week when it said that it would stop buying conditional pass-through (CPT) covered bonds as part of its asset purchase programme.
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Fear one, FIG nil as dollar market eyes early close
The dollar market is set to record its first month of zero bank debt issuance on record as borrowers remain on the sidelines amid choppy market conditions.
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Rising house prices signal boom time for Portuguese covered bonds
Portuguese banks will be able to use more of their loans to back covered bonds as house prices rise and domestic mortgages become safer products, Moody’s said this week.
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Nordea bids to strengthen risk and compliance units
Nordea Bank has said that it will be concentrating resources into two new operational units as it looks to strengthen its approach to managing and controlling risks across its business.
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Santander adds to MTN team
Santander has picked up an ex-Deutsche Bank private debt banker for its MTN syndicate desk.
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Alpha Bank targets first ever Romanian covered bond in early 2019
Alpha Bank Romania is preparing to sell a new deal in euros in the first quarter of 2019, in what would be the first ever issuance of covered bonds from the country.
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FIG specialists keep the faith in UK banks despite Brexit crisis
With the UK in turmoil just over three months before its date of departure from the European Union, a core section of the bank bond investor base is refusing to get out of its sizable position in UK bank debt.
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Brexit Armageddon grows more likely
Rising hopes that the UK can escape the nightmare of Brexit are misplaced. A second referendum would carry huge risks, and even if the outcome were Remain, it would leave an unstable Britain with a damaged relationship with the rest of the EU.
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Turkey goes ahead with ‘perplexing’ MBS offering
Turkey pushed on with plans to raise TL3.15bn ($590m) through a securitization of mortgages, completing the deal but causing on-looking bankers to scratch their heads at the rationale.
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Subordinated bond sales slump to slowest pace in six years
Banks are close to registering the quietest quarter in a half a decade for sales of subordinated bonds in euros, after a gruelling period for trading in the secondary market.
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Arion aims to save on banking levy with tender offer
Arion Bank said this week that it would look to buy back some of its euro senior bonds as a way of reducing its contributions for the Icelandic banking levy.
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.
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Comment
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SRI needs to look at financial firms’ liabilities
The sustainable finance movement, when looking at banks and insurance companies, has so far focused mainly on assets rather than liabilities. But insuring or offering deposits for a particular activity is just as important as lending to or investing in it.
FIG Priced Deals Database
| Issuer | Maturity | Size |
|---|---|---|
|
|
||
| Mizuho | 11-Oct-23 | 500 |
| Mitsubishi UFJ | 05-Oct-23 | 500 |
| Crédit Mutuel Arkéa | 05-Oct-23 | 500 |
| Santander Consumer Finance | 09-Oct-18 | 750 |
| Sampo | 27-Sep-30 | 500 |
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 | JPMorgan | 87,420.99 | 365 | 6.18% |
| 2 | Citi | 78,905.88 | 424 | 5.58% |
| 3 | Bank of America Merrill Lynch | 78,235.89 | 324 | 5.53% |
| 4 | Goldman Sachs | 72,613.81 | 636 | 5.13% |
| 5 | Morgan Stanley | 72,406.38 | 414 | 5.12% |
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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 | 13,951.26 | 77 | 5.55% |
| 2 | UniCredit | 12,869.58 | 96 | 5.12% |
| 3 | Natixis | 11,652.77 | 67 | 4.64% |
| 4 | UBS | 11,458.20 | 62 | 4.56% |
| 5 | LBBW | 11,285.83 | 74 | 4.49% |
Bookrunners of Global FIG
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 87,420.99 | 365 | 6.18% |
| 2 | Citi | 78,905.88 | 424 | 5.58% |
| 3 | Bank of America Merrill Lynch | 78,235.89 | 324 | 5.53% |
| 4 | Goldman Sachs | 72,613.81 | 636 | 5.13% |
| 5 | Morgan Stanley | 72,406.38 | 414 | 5.12% |
Bookrunners of Dollar Denominated FIG
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 70,642.78 | 252 | 11.09% |
| 2 | Bank of America Merrill Lynch | 64,871.97 | 271 | 10.19% |
| 3 | Citi | 61,723.62 | 322 | 9.69% |
| 4 | Morgan Stanley | 54,569.85 | 313 | 8.57% |
| 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 % |
|---|---|---|---|---|
| 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 % |
|---|---|---|---|---|
| 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 | 7,765.93 | 22 | 11.94% |
| 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 | 6.11% |
