Top stories
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MEP attacks ‘half baked’ framework for bank resolution in Europe
Philippe Lamberts, a Green MEP, has strongly criticised the rules Europe is putting in place to deal with failing banks, decrying them as “gameable”.
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UK regulators ratchet up pressure on banks over climate change
The Bank of England announced on Monday a consultation on a package of measures to tighten its scrutiny of banks’ and other financial firms’ readiness for climate change. The Bank’s approach is gradualist, but it is signalling clearly that firms must take the financial risks from climate change seriously, and that regulation in this area will be ramped up.
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Berlin Hyp enjoys strong demand for third green Pfandbrief
Berlin Hyp’s (BHH) third green Pfandbrief attracted a solid oversubscription ratio on Friday, and though the deal offered a hefty concession to its own curve, the pricing was tight compared with other recent deals.
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SMBC unleashes $1.6tr mortgage market with first ever Japan covered bond
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Sumitomo Mitsui Banking Corporation (SMBC) has mandated leads to roadshow the first ever Japanese covered bond. The RMBS-backed deal is expected to appeal to a broad universe of traditional investors and will set the tone for Japanese megabanks and other borrowers in what could be a rich supply vein for covered bond investors.
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Dollar market shows strength for Sumitomo
Japan’s Sumitomo Mitsui was one of two benchmark issuers in dollars in a week cut short by holidays, as markets were battered by volatility ahead of the start of US bank earnings season.
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Market closes its doors on sub-benchmark bank capital
Two financial institutions have had to abandon their plans to sell small subordinated bonds in recent days, with euro investors showing very little appetite for taking up illiquid positions in a volatile market. Banks are now facing tough questions about the viability of raising debt capital in sizes of less than €500m, after a period of incredible growth in the sub-benchmark sector.
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Carige kicks back after Fitch says bank has 'real possibility' of failing
Banca Carige has challenged a downgrade from Fitch, after the rating agency discussed the potential failure of the bank. The hard-pressed Italian lender also indicated that it had spoken to the European Central Bank about a merger.
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How to fix a $512bn Libor problem
There are more than $512bn worth of bonds that will need to switch to an alternative reference rate if global regulators execute plans to ditch the Libor benchmark by the end of 2021, Linklaters said on Wednesday. GlobalCapital asked the law firm what needs to happen for a successful switchover.
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Developing countries set to open up to catastrophe bonds
Catastrophe bonds and the emerging markets fit well together, with perils in China and Southeast Asia particularly well placed to be covered. Can the insurance-linked securities market take off?
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Storm Florence blows a hole in US flood insurance numbers
Catastrophe bondholders barely felt the flooding unleashed by storm Florence in the Carolinas, highlighting the lack of market exposure to US flood risk.
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Luminor looks to light up new funding path after senior debut
Luminor Bank, an Estonian financial institution, was looking to place a small senior unsecured deal in the euro market on Wednesday, in spite of volatile market conditions. The transaction will be the issuer’s first step towards reducing its reliance on bank facilities as a means of funding.
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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This now includes all the data from TheCover:
Covered Bonds Priced Deals database
Covered Bonds League Table Builder
Comment
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Testing Brexit stress scuppers stress testing
Tucked away at the end of a press release, the Bank of England announced this week that it would delay a stress test for financial institutions. A messy departure from the EU could test the banks in real life instead.
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Transparency is coming to a bank resolution near you
A recent court ruling in Spain could help to set a precedent for what information must be made public when a bank fails, as claims about the need for confidentiality start to wear thin.
FIG Priced Deals Database
| Issuer | Maturity | Size |
|---|---|---|
|
|
||
| Crédit Mutuel Arkéa | 05-Oct-23 | 500 |
| Santander Consumer Finance | 09-Oct-18 | 750 |
| Sampo | 27-Sep-30 | 500 |
| DZ Bank | 02-Oct-23 | 250 |
| Société Générale | 27-Sep-29 | 1250 |
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 | 76,186.64 | 322 | 6.20% |
| 2 | Citi | 75,613.49 | 379 | 6.15% |
| 3 | Bank of America Merrill Lynch | 74,259.01 | 285 | 6.04% |
| 4 | Goldman Sachs | 68,889.55 | 569 | 5.60% |
| 5 | Morgan Stanley | 63,853.74 | 351 | 5.19% |
Bookrunners of Global Covered Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | UniCredit | 11,671.49 | 81 | 5.45% |
| 2 | HSBC | 10,985.14 | 63 | 5.13% |
| 3 | LBBW | 10,428.35 | 68 | 4.87% |
| 4 | Natixis | 10,056.83 | 54 | 4.69% |
| 5 | Commerzbank Group | 9,739.62 | 61 | 4.55% |
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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 | UniCredit | 11,671.49 | 81 | 5.45% |
| 2 | HSBC | 10,985.14 | 63 | 5.13% |
| 3 | LBBW | 10,428.35 | 68 | 4.87% |
| 4 | Natixis | 10,056.83 | 54 | 4.69% |
| 5 | Commerzbank Group | 9,739.62 | 61 | 4.55% |
Bookrunners of Global FIG
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 76,186.64 | 322 | 6.20% |
| 2 | Citi | 75,613.49 | 379 | 6.15% |
| 3 | Bank of America Merrill Lynch | 74,259.01 | 285 | 6.04% |
| 4 | Goldman Sachs | 68,889.55 | 569 | 5.60% |
| 5 | Morgan Stanley | 63,853.74 | 351 | 5.19% |
Bookrunners of Dollar Denominated FIG
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 62,605.42 | 226 | 10.75% |
| 2 | Bank of America Merrill Lynch | 62,147.65 | 236 | 10.67% |
| 3 | Citi | 58,882.83 | 282 | 10.11% |
| 4 | Goldman Sachs | 52,120.22 | 504 | 8.95% |
| 5 | Morgan Stanley | 49,659.14 | 272 | 8.53% |
Bookrunners of Euro Denominated Covered Bond Above €500m
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Natixis | 7,428.28 | 28 | 7.28% |
| 2 | UniCredit | 5,756.33 | 23 | 5.64% |
| 3 | LBBW | 5,736.91 | 24 | 5.62% |
| 4 | Deutsche Bank | 5,667.40 | 19 | 5.55% |
| 5 | Commerzbank Group | 5,647.34 | 22 | 5.53% |
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 | 7,584.11 | 21 | 12.84% |
| 2 | Barclays | 4,776.16 | 18 | 8.08% |
| 3 | Credit Suisse | 4,490.78 | 15 | 7.60% |
| 4 | BNP Paribas | 4,171.68 | 19 | 7.06% |
| 5 | UBS | 3,877.49 | 18 | 6.56% |
