• 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.

    • 14 Dec 2018
  • Goldman Sachs worked with Windhorst despite compliance alert

    Goldman Sachs International conducted business with Lars Windhorst, the colourful German financier, despite warnings from its compliance department that he was a high risk counterparty.

    • 13 Dec 2018
  • 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.

    • 13 Dec 2018
  • 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.

    • 13 Dec 2018
  • Draghi says ECB is ‘reflecting’ on TLTRO III

    Members of the European Central Bank’s Governing Council have been ‘reflecting’ on renewing a programme of cheap liquidity support for banks, ECB president Mario Draghi said on Thursday.

    • 13 Dec 2018
  • 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.

    • 13 Dec 2018
  • 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.

    • 13 Dec 2018
  • Santander adds to MTN team

    Santander has picked up an ex-Deutsche Bank private debt banker for its MTN syndicate desk.

    • 13 Dec 2018
  • 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.

    • 12 Dec 2018
  • 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.

    • 12 Dec 2018
  • 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.

    • 11 Dec 2018
  • 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.

    • 11 Dec 2018
  • GlobalCapital Asia capital markets awards 2018: Bonds

    In part three of our results announcements, we reveal the winning bond deals across a variety of categories. In addition, we also name the Best G3 Bond House, Best Local Currency Bond House, Best High Yield Bond House and the debut winner of the Best House for SRI Financing.

    • 11 Dec 2018
  • 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.

    • 11 Dec 2018
  • Moody’s flags no deal Brexit risk for covered bonds

    If the UK were to crash out of the EU without securing a deal it would throw up a host of legal and regulatory risks for UK and European covered bonds and put a dampener on otherwise supportive market conditions, Moody’s said in a report published this week.

    • 11 Dec 2018
  • 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.

    • 11 Dec 2018
  • Covered bond issuers expected to make nervous start in 2019

    DCM bankers believe that financial institutions will be wary about jumping straight into the covered bond market in January, after a tricky end to the year for the asset class.

    • 10 Dec 2018
  • 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.

    • 10 Dec 2018
  • Banca IFIS welcomes strong demand for cash tender

    Investors have jumped at the chance to exchange a series of senior bonds issued by Banco IFIS for cash, with the Italian bank coming close to buying back the full €100m on offer.

    • 10 Dec 2018
  • Low trigger AT1s set for judgment day in new refi round

    Changing emphasis from national regulators could give European banks more incentive to refinance additional tier ones with low common equity tier one triggers in the next couple of years, according to analysts at research house CreditSights.

    • 10 Dec 2018
  • ING beats Japan’s TLAC deadline

    ING completed a deal in the Tokyo Pro-Bond market this week, raising over $1bn equivalent on a week in which it could not find acceptable demand in dollars. It was also able to distribute notes to regional banks before debt counting towards total loss absorbing capacity (TLAC) weighs more heavily on those buyers’ balance sheets.

    • 07 Dec 2018
  • Kookmin issues first covered in two years

    Kookmin Bank has issued the second Korean covered bond of this year but the first in dollars and its first in more than two years.

    • 07 Dec 2018
  • Haitong Securities, Founder Group head to euros

    China’s Haitong Securities priced a dual-currency transaction on Thursday, heading to the euro market for cheaper funding. Another issuer, Peking University Founder Group, was looking to price an up to €100m deal on Friday.

    • 07 Dec 2018
  • Don’t complain about the disco when the music stops

    Judging extension risk is a key part of investing in bank capital. If investors call it wrong, it is hard to say they have been grossly mistreated.

    • 06 Dec 2018
  • UBI bids to advance Italian sustainable bond market

    UBI Banca is meeting investors to market its new sustainable bond framework in a non-deal roadshow. It could become the second Italian bank to issue a green bond, and the second to come out with any public unsecured trade since the country’s coalition government formed earlier this year.

    • 06 Dec 2018
  • Borrowers prefer no deal to bad deal

    Corporate and FIG borrowers and buyers have largely given up on primary markets for 2018, having faced choppy conditions this week. But things are not likely to be much calmer when they return in January, meaning a chaotic scrap could ensue as borrowers jostle for the best slots to print deals. Jasper Cox and Nigel Owen report.

    • 06 Dec 2018
  • Akbank unveils TL3bn recap as economic clouds gather

    Akbank, one of the largest banks in Turkey, is preparing a TL3bn ($558m) rights issue amid fears of an increase in non-performing loans as the Turkish economy enters a slowdown.

    • 06 Dec 2018
  • Montepio looks to place small tier two

    Portugueuse lender Caixa Económica Montepio Geral is looking to issue a small tier two bond, amid tricky market conditions.

    • 06 Dec 2018
  • The banking package: what was agreed?

    On Tuesday the European Parliament and Council announced the basis for a final agreement on the banking package. This involves crucial details on banks’ capital and funding rules, such as on retail holdings of bail-in debt, distributions on regulatory bonds and stakes in insurance companies.

    • 06 Dec 2018
  • Wider is welcome for covered bond buyers

    Covered bond spreads are likely to widen further into the start of 2019, but that will serve to make them more attractive to investors, especially relative to sovereign and agency alternatives. And since investors will have a slew of cash to put to work, it seems likely it will encourage buying.

    • 06 Dec 2018
  • Mizuho cuts in DCM and syndicate

    Mizuho International, the London securities and investment banking arm of the Japanese banking group, has cut jobs in its capital markets business over the past week, and among those leaving is a senior DCM banker.

    • 06 Dec 2018
  • Cat bond fund calls for greater insurer transparency

    Plenum CAT Bond Fund has received a sustainability certificate for next year, and the assessment process may help guide other investors in insurance linked securities (ILS). But it also raises questions about the transparency of insurers’ liabilities more generally: is the socially responsible finance movement looking at insurance firms in the right way?

    • 06 Dec 2018
  • TLTRO could upset French covered supply expectations

    Net covered bond supply from France is likely to fall in 2019, which should support spreads. However, French banks were among the most active users of the the European Central Bank's Targeted Longer Term Refinancing Operations (TLTRO), which, as it starts to mature, will need to be refinanced - and the covered bond market could be poised to provide some of that funding.

    • 05 Dec 2018
  • CBA takes Sonia funding in senior

    Commonwealth Bank of Australia has linked a short-dated unsecured bond to Sonia, the latest use of the alternative risk-free rate as borrowers become more comfortable with the format.

    • 05 Dec 2018
  • FIG investors can find Brexit bargains amid UK rout

    Widening spreads for UK financial firms have opened up attractive opportunities for investors comfortable with the underlying resilience of the sector. Despite the risks that Brexit and competition from new sources pose, there were no failures in the Bank of England's stress test last week.

    • 05 Dec 2018
  • Germany to lead 2019 covered bond supply

    Germany will head covered bond supply in 2019 with high redemptions and a booming housing market set to fuel volumes.

    • 05 Dec 2018
  • EU banks must disclose on ESG, may get green/brown risk capital weights

    The European Union has taken a step towards using the bank capital risk weighting system to favour green assets and discourage ‘brown’ unsustainable lending — one of the most controversial issues on the sustainable finance policy agenda.

    • 04 Dec 2018
  • Funding God? UBI’s heretical social bond framework

    UBI Banca includes financing for "religious entities" as an eligible category under its new social bonds framework, listing eligible organisations as those “aiming at reducing exclusions and inequalities”. But it would take a miracle for the world’s largest religions — with their central tenets of ‘we’re special and you’re not’ — to meet that requirement, raising the question of who actually qualifies.

    • 04 Dec 2018
  • Unwinding TLTRO debt 'will raise funding costs'

    Repaying funding received under the European Central Bank’s targeted longer-term refinancing operations (TLTROs) is likely to raise funding costs but, as most Iberian banks have made plans, refinancing risks are limited, according to Moody’s.

    • 04 Dec 2018
  • EU’s Banking Union inches forwards

    The EU moved a step forward on its tortuous path towards completing its Banking Union on Monday night. Finance ministers agreed on some details relating to a backstop for the fund for resolving banks, but have not yet shown any sign of agreeing on a common deposit insurance scheme.

    • 04 Dec 2018
  • ING pulls dollar trade as brief rally fades

    A short surge in risk appetite on Monday was not durable enough for ING Groep to proceed with a dollar tier two bond transaction on terms it felt were reasonable this week. The Dutch firm became the latest FIG issuer to pull a trade after announcing initial price thoughts.

    • 04 Dec 2018
  • HSBC FIG and corps DCM banker lands at Fitch

    A FIG and corporate DCM banker who worked at HSBC until August has started a new job at Fitch Ratings managing the firm’s client relationships.

    • 04 Dec 2018
  • ‘Price-driven’ investors think twice about Citic Securities

    Investor demand for more new issue premium forced China’s Citic Securities Co to price a smaller-than-expected $300m bond on Monday.

    • 04 Dec 2018
  • Dhami returns to market as Rabo syndicate boss

    Harman Dhami has joined Rabobank as head of DCM syndicate, succeeding Paul Vanner, who, after a sabbatical, will return to Rabo to further develop the bank's MTN platform.

    • 03 Dec 2018
  • Ziraat plans to issue covered bonds

    Turkey’s Ziraat Bank is planning to issue covered bonds and has published a base prospectus for its €1bn programme. However, it is questionable whether a euro benchmark from the issuer will be seen any time soon.

    • 03 Dec 2018
  • Now on sale: Carige’s 13% tier two

    The Italian Interbank Deposit Protection Fund (FITD) has underwritten €320m of Banca Carige’s tier two capital notes. Private investors are now invited to subscribe to the issue, which allows the Italian lender to meet its capital targets.

    • 03 Dec 2018
  • Energy-efficient mortgage definition to ensure 'quick roll-out'

    The European Mortgage Federation-European Covered Bond Council (EMF-ECBC) has set out a definition of an energy-efficient mortgage which should enable ‘a quick roll-out’, according to the European Commission.

    • 03 Dec 2018
  • FCA makes enquiries into HSBC’s discos

    The UK’s Financial Conduct Authority has been looking into bondholder concerns after HSBC decided to reclassify four legacy bank capital instruments earlier this year, leading to a plummet in their value.

    • 03 Dec 2018
  • Focus on green covered additionality, says Pimco’s Boehm

    Green covered bond issuers should make sure to bring 'additionality', according to Timo Boehm, portfolio manager at Pimco. He also indicated that these deals did not deserve favourable pricing treatment.

    • 03 Dec 2018

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 13,951.26 77 5.55%
2 UniCredit 12,869.58 96 5.12%
3 Natixis 11,652.77 67 4.63%
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 %
  • Last updated
  • Today
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 %
  • Last updated
  • Today
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 %
  • Last updated
  • Today
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 %
  • 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 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%