Top stories

  • Greek covereds should perform against Italian

    National Bank of Greece (NBG) won an investment grade covered bond rating this week, showing the way for European Central Bank (ECB) repo eligibility to other Greek banks. Along with a more stable fiscal and political backdrop and an imminent exit from its bail-out programme, Greek covered bonds have a good chance of outperforming Italian versions.

    • 12 Jul 2018

  • ECB to give weakest banks extra NPL time

    The European Central Bank said this week it wants banks to provision for legacy non-performing loans in the same way as for new NPL inflows. But, in a major boost for Europe's weakest banks, it is prepared to give heavily burdened banks more time to raise provisions.

    • 12 Jul 2018
  • Bank of Montreal beats the blackout

    Bank of Montreal made the most of US earnings blackouts and re-opened the dollar market this week with a $2.25bn deal amid improving market conditions.

    • 12 Jul 2018
  • Credit Suisse AT1 trading gives market hope

    The secondary performance of Credit Suisse’s additional tier one (AT1) bond issued on Monday led market participants to talk about the asset class finding its feet again after a torrid time recently.

    • 12 Jul 2018
  • KEB Hana Formosa floater comes flat to the curve

    KEB Hana Bank raised $315m from a five year floating rate note in the Formosa market on Thursday, selling the bond with no new issue premium thanks to strong support from Taiwanese investors.

    • 13 Jul 2018
  • Race to spruce up Swiss market as redemption windfall looms

    Autumn is coming, and Swiss franc bankers are pinning their hopes on a wall. That is a Sfr25bn ($25bn) wall of maturing bonds, the refinancing of which they hope will bring the market to life. But sceptics fear conditions might not be good enough to persuade issuers, mostly foreign, that the Swiss market is the right place to do it.

    • 12 Jul 2018
  • French investors fuel 10 year senior flurry

    French insurance companies have helped to drive a stronger bid for longer dated paper in the financial institutions bond market, allowing a rare spate of 10 year trades to surface in euros this week.

    • 12 Jul 2018
  • TD follows BMO into euro senior

    Toronto Dominion Bank became the second Canadian lender in three days to enter the euro senior market, with a five year deal. It could encourage US banks to issue in euros after reporting results over the next week.

    • 12 Jul 2018
  • BoE adds systemic risk buffer into higher hurdle rates for 2018 stress test

    The Bank of England has clarified how it will set hurdle rates for banks in its 2018 stress test, featuring systemic risk buffers for the first time and changing the way in which Pillar 2 requirements are calculated through the duration of the exercise.

    • 12 Jul 2018
  • Investec looks to tender and replace T2

    Investec Bank is planning to issue tier two and to buy back old amortising subordinated notes with a high coupon.

    • 11 Jul 2018
  • CBA sells first dollar covered since 2015

    Commonwealth Bank of Australia (CBA) took advantage of a 40bp spread differential to senior dollar funding this week to issue its first dollar covered bond in three years.

    • 11 Jul 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

  • Buy Greece, sell Italy

    Greece is on a roll and the good news keeps coming. It's putting Italy in the shade.

    • 12 Jul 2018

more comment

FIG Priced Deals Database

IssuerMaturitySize
Toronto-Dominion20-Jul-231500
Nykredit Realkredit19-Jan-22500
Bank of Montreal17-Nov-211000
ABN Amro17-Jul-231250
Banque Fédérative du Crédit Mutuel16-Nov-221500


Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 54,138.28 200 6.36%
2 JPMorgan 52,700.20 217 6.19%
3 Citi 49,371.11 257 5.80%
4 Goldman Sachs 47,685.69 398 5.60%
5 Morgan Stanley 45,485.97 244 5.34%

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 9,646.84 53 5.52%
2 UniCredit 9,032.72 58 5.17%
3 LBBW 8,460.29 51 4.84%
4 Natixis 8,380.29 41 4.79%
5 Commerzbank Group 7,808.11 45 4.47%

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 9,646.84 53 5.52%
2 UniCredit 9,032.72 58 5.17%
3 LBBW 8,460.29 51 4.84%
4 Natixis 8,380.29 41 4.79%
5 Commerzbank Group 7,808.11 45 4.47%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 54,138.28 200 6.36%
2 JPMorgan 52,700.20 217 6.19%
3 Citi 49,371.11 257 5.80%
4 Goldman Sachs 47,685.69 398 5.60%
5 Morgan Stanley 45,485.97 244 5.34%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 44,405.37 166 10.90%
2 JPMorgan 43,387.18 154 10.65%
3 Citi 40,278.63 202 9.89%
4 Goldman Sachs 38,033.04 355 9.34%
5 Morgan Stanley 34,608.53 187 8.50%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 6,511.67 24 7.33%
2 UniCredit 5,302.66 21 5.97%
3 Deutsche Bank 5,002.94 16 5.64%
4 LBBW 4,811.97 20 5.42%
5 Commerzbank Group 4,809.31 18 5.42%

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 HSBC 4,729.28 11 11.92%
2 UBS 3,374.07 13 8.50%
3 BNP Paribas 2,704.23 11 6.81%
4 Credit Agricole CIB 2,458.47 6 6.20%
5 Credit Suisse 2,352.50 10 5.93%