Top stories

  • Belfius tees up first AT1 as investors get 'grabby'

    Belfius announced a mandate for its first additional tier one (AT1) note on Thursday, the day after Raiffeisen Bank International picked up more than €4.2bn of demand for the first deal in the format in 2018.

    • 18 Jan 2018

  • Rates markets start to rock from pricing pushback

    It’s hard to fault the support the euro market has offered rates borrowers in the past week. Executions have been smooth, books well-filled and new issue premiums skinny. But, with ever more hawkish signals from the European Central Bank and steepening yield curves, the future does not look so rosy for borrowers. The balance of pricing power seems likely to shift in favour of investors.

    • 18 Jan 2018
  • Banks land flurry of bail-inable deals in ‘optimal’ market

    Financial institutions have been making the most of extremely supportive conditions in global credit markets in 2018, with four banks printing bail-inable senior deals at very tight levels in euros this week.

    • 18 Jan 2018
  • MUFG talks to investors about green senior

    Mitsubishi UFJ Financial Group is the latest Japanese bank to market a green bond in euros, with a five year senior trade. Proceeds are earmarked for renewable energy projects.

    • 18 Jan 2018
  • Self-funders plunder dollar market after full year earnings

    Wall Street’s biggest banks hit the dollar bond market with multi-billion offerings after reporting fourth quarter earnings this week, and supply-starved investors piled into the new deals.

    • 18 Jan 2018
  • Investors lap up RBI AT1 despite extension risk

    Raiffeisen Bank International’s additional tier one (AT1) bond — the first in the asset class this year — met a wall of demand and was priced with a coupon that was tighter than all but one euro AT1. This was in the face of investors’ preference for bonds offering a higher reset spread, increasing the chance of bonds being called.

    • 17 Jan 2018
  • LeasePlan flies in hot FRN mart as industrial firms hang back

    The closest things to European corporate bond issues in euros on Thursday were a €200m sole-led issue for Deutsche Telekom, reported by Dealogic, and a €500m floater for LeasePlan, the Dutch car leasing bank.

    • 18 Jan 2018
  • Sparebank eyes green covered as Luxembourg plans law

    Sparebank 1 Boligkreditt has mandated lead managers for a roadshow to market its first green covered bond. The move coincided with proposals from lawmakers in Luxembourg for a green covered bond framework.

    • 18 Jan 2018
  • Covered bond 10 year trio hoovered up with ease

    NIBC, Raiffeisenlandesbank NiederÖsterreich-Wien (RLB NW) and BayernLB were easily able to sell 10 year covered bonds issued this week, thanks to their small size and European Central Bank demand.

    • 18 Jan 2018
  • Non-eurozone covered issuers favour fives

    DNB Boligkreditt and Canadian Imperial Bank of Commerce this week issued the first five year covered bonds of the year and found strong demand, even though there was a sensitivity around the final spread.

    • 18 Jan 2018
Capital markets data from GlobalCapital


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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The GlobalCapital View logo   Comment

  • Investor price discrimination is the thin edge of the tapering wedge

    Primary covered bond sales have gone smoothly so far this year, with borrowers continuing to pay negligible new issue premiums and still attracting comfortably oversubscribed order books. But look a little closer and its clear there’s been a perceptible change. Investors are fighting back, and beginning to get their way.

    • 18 Jan 2018

more comment

FIG Priced Deals Database

IssuerMaturitySize
Íslandsbanki19-Jan-24300
La Mondiale18-Jan-48310
Monte dei Paschi18-Jan-28750
UniCredit18-Jan-231500
Banque Fédérative du Crédit Mutuel (BFCM)20-Dec-20450


Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 12,745.74 25 9.57%
2 Morgan Stanley 11,952.09 26 8.97%
3 Bank of America Merrill Lynch 9,510.22 21 7.14%
4 Barclays 9,168.66 18 6.88%
5 JPMorgan 8,863.17 26 6.65%

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 2,220.67 8 6.41%
2 UniCredit 2,187.22 10 6.31%
3 UBS 2,159.55 11 6.23%
4 Credit Suisse 1,824.93 10 5.26%
5 Barclays 1,806.80 7 5.21%

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 2,220.67 8 6.41%
2 UniCredit 2,187.22 10 6.31%
3 UBS 2,159.55 11 6.23%
4 Credit Suisse 1,824.93 10 5.26%
5 Barclays 1,806.80 7 5.21%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 12,745.74 25 9.57%
2 Morgan Stanley 11,952.09 26 8.97%
3 Bank of America Merrill Lynch 9,510.22 21 7.14%
4 Barclays 9,168.66 18 6.88%
5 JPMorgan 8,863.17 26 6.65%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 12,192.75 22 13.89%
2 Morgan Stanley 10,975.91 20 12.50%
3 Bank of America Merrill Lynch 9,178.29 19 10.45%
4 JPMorgan 8,170.99 20 9.31%
5 Citi 7,477.94 20 8.52%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 2,071.95 7 9.04%
2 UBS 1,682.16 6 7.34%
3 UniCredit 1,662.07 7 7.25%
4 LBBW 1,541.66 6 6.73%
5 Deutsche Bank 1,380.66 4 6.02%

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 Credit Agricole CIB 1,031.57 1 27.24%
2 UBS 439.82 3 11.61%
3 Goldman Sachs 356.49 2 9.41%
3 Bank of America Merrill Lynch 356.49 2 9.41%
5 Lloyds Banking Group 249.35 1 6.58%