• Vivat bonds tumble as Beijing takes control

    Outstanding bonds issued by Vivat NV, the Dutch insurance group, suffered on Friday morning after its parent company Anbang Insurance Group was seized by Chinese authorities — but a sale to a European firm could provide an upside for bondholders.

    • 23 Feb 2018
  • Make bank bankruptcy great again, says US Treasury

    The US Department of the Treasury defied Republican calls to scrap the Orderly Liquidation Authority this week, after publishing a report in which it recommended an overhaul of the nation’s framework for dealing with failing banks.

    • 22 Feb 2018
  • Albaraka Turk provides blueprint for Turkish AT1

    Albaraka Turk broke new ground last week it has emerged, issuing the first ever Basel III-compliant additional tier one (AT1) from Turkey in a private placement. The deal has set a structuring template for future Turkish AT1 issuance, and has sparked interest among those looking to bring the next, possibly public benchmark, deal, writes Virginia Furness.

    • 22 Feb 2018
  • FIG executions get tougher as HSBC plans AT1 flood

    Syndicates have encountered some difficulty in placing financial institution bonds this week, but there is optimism in the face of widening spreads. This is just as well for HSBC’s plans to raise $5bn-$7bn of the most risky form of bank debt in the first half of the year.

    • 22 Feb 2018
  • Unipol goes tight with tier two ahead of Italian election

    UnipolSai Assicurazioni, the insurance branch of Unipol Gruppo, came to the market on Thursday with a no-grow €500m tier two deal, which was priced inside some expectations of fair value.

    • 22 Feb 2018
  • Aegon is ‘looking at’ RT1 but has no issuance plans at present

    Aegon NV, the Dutch insurance group, could use restricted tier one (RT1) capital to replace grandfathered instruments.

    • 21 Feb 2018
  • Period of ‘super easy markets’ is over, say FIG bankers

    FIG syndicate bankers are advising issuers to get on with their capital and funding plans as quickly as possible in 2018.

    • 21 Feb 2018
  • Investors excited for HSBC’s jumbo AT1 plans

    Financial institutions bond investors are looking for an ‘attractive entry point’ when HSBC opens books on $5bn-$7bn of additional tier one issuance in the next four months, following the bank's latest results on Tuesday.

    • 21 Feb 2018
  • First Turkish AT1 breaks ground but there's more to do

    Albaraka Turk scored a solid first last week when it issued Turkey’s first Basel III compliant additional tier one bond, but while this marks progress, it will take one of the country’s larger banks to establish a true benchmark.

    • 20 Feb 2018
  • HSBC to front load AT1 plans and clear path for buybacks

    HSBC plans to issue between $5bn-$7bn of additional tier one debt in the first half of this year, clearing the path for share buybacks in the second half. The bank is prevented by listing authority rules from issuing AT1 at the same time as running a buyback, meaning it delayed its issuance plans last year.

    • 20 Feb 2018
  • SocGen tests sub market after sell-off

    Société Générale built an order book of around €2.6bn on Monday, as it became the first issuer to venture into the subordinated market following the sell-off earlier this month.

    • 19 Feb 2018
  • UnipolSai eyes rare 10 year tier two

    UnipolSai Assicurazioni, the Italian insurer, is gearing up to sell a rare 10 year bullet tier two transaction, despite subordinated debt’s recent moves wider.

    • 15 Feb 2018
  • Judge demands full Deloitte report in Popular document pull

    The Spanish National Court has ordered parties involved in a criminal investigation into Banco Popular to hand over nearly 80 related documents, including a full and unredacted version of Deloitte’s valuation report.

    • 15 Feb 2018
  • FIG issuers return to find buyers want more NIP

    Borrowers have returned to the FIG primary market, but investors are hoping for greater new issue premiums.

    • 14 Feb 2018
  • Non-call events weigh on market watchers as rates rise

    A Chinese company’s decision to pay an extra 300bp in coupon to defer payments on its onshore perpetual notes has not only shocked the domestic bond market, but also inevitably raised concerns offshore. Bankers and investors are now paying much closer attention to the onshore/offshore dynamics.

    • 14 Feb 2018
  • Monte: back to life, back to reality

    Following an €8.1bn state bail-out, Banca Monte dei Paschi di Siena still has its work cut out in putting ticks in the boxes of its 2021 restructuring plan.

    • 13 Feb 2018
  • Bond markets not ‘out of the woods yet’ after volatile period

    Financial institutions are likely to be cautious about jumping back into the primary market this week, after a recent sell off in equities and credit.

    • 12 Feb 2018
  • Santander had ‘much higher bid’ for Popular, sources claim

    Santander had lined up a “much higher bid” than the €1 it paid for Banco Popular last summer, claimed sources close to the Spanish bank’s resolution. They argued that the sales process would have been more competitive if the Single Resolution Board had allowed potential rescue bidders more time to consider their positions.

    • 09 Feb 2018
  • Investors head to the short end as market volatility returns

    Investors showed their preference for additional tier one (AT1) deals approaching their first call dates this week, as they looked to reassess the sector amid a bout of volatility.

    • 08 Feb 2018
  • If you liked XIV, you’ll love peripheral AT1

    Protecting retail investors is a laudable goal. But what they are protected from often seems arbitrary.

    • 08 Feb 2018
  • Moody’s upgrades Hypo Vorarlberg, expects legacy T1 conversions

    Moody’s cited Hypo Vorarlberg’s recent capital strengthening measures in a decision to raise its credit ratings on Thursday, adding that it expected the Austrian bank to convert some of its legacy capital instruments into high trigger additional tier one (AT1s) in the near future.

    • 08 Feb 2018
  • IFRS 9 in stress testing: a ‘big deal’ for banks

    The introduction of IFRS 9, a new accounting standard, brings this year’s European Banking Authority stress tests into uncharted territory, with market participants expecting the exercise to raise questions about the comparability and reliability of results.

    • 08 Feb 2018
  • Short call AT1s find favour in volatile trading week

    Investors showed their preference for additional tier one (AT1) deals with a short time until their first call dates this week, as they looked to reassess the sector’s value amid a bout of volatility.

    • 07 Feb 2018
  • FIG market wonders how hard equity slump will hit

    This week's sell-off in equity markets reverberated into the secondary market for financials credit on Tuesday — with some subordinated bonds seen as particularly exposed.

    • 06 Feb 2018
  • West Brom BS looks to ‘modernise’ cap stack with CCDS

    West Bromwich Building Society (WBBS) plans to replace existing notes with core capital deferred shares (CCDS), becoming the latest building society to opt for the instrument.

    • 05 Feb 2018
  • FIG issuers stand down as volatility resurfaces

    FIG issuers decided against launching new deals on Monday, as market participants predicted that a recent bout of volatility could be the start of a longer term trend.

    • 05 Feb 2018
  • Banco Santander EUR1.25bn 2.125% Feb 22 tier two

    • 01 Feb 2018
  • Sub bond market settles after bumpy start to the week

    Subordinated bank bonds stabilised in trading after suffering a slight bout of volatility early this week, paving the way for a pick-up in issuance as firms head out of blackout periods.

    • 01 Feb 2018
  • Just Group tightens nearly 40bp for rare tier three deal

    Just Group, the UK insurer, met with very strong demand of more than £1.1bn for a £230m tier three bond in the sterling market on Thursday.

    • 01 Feb 2018

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 4,052.17 16 6.87%
2 UniCredit 3,888.71 20 6.59%
3 Credit Suisse 3,715.52 17 6.30%
4 Barclays 3,348.56 16 5.67%
5 Deutsche Bank 2,972.40 12 5.04%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 16,645.90 69 6.84%
2 Morgan Stanley 16,288.66 59 6.69%
3 JPMorgan 16,212.01 56 6.66%
4 Bank of America Merrill Lynch 15,866.43 43 6.52%
5 Citi 14,967.16 63 6.15%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 15,573.24 61 10.79%
2 Bank of America Merrill Lynch 14,541.23 37 10.08%
3 JPMorgan 14,141.75 39 9.80%
4 Morgan Stanley 13,590.57 45 9.42%
5 Citi 13,439.84 50 9.31%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 3,768.78 13 10.71%
2 UniCredit 2,555.78 10 7.26%
3 Deutsche Bank 2,505.35 8 7.12%
4 SG Corporate & Investment Banking 2,239.57 9 6.36%
5 Credit Suisse 2,135.65 6 6.07%

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 UBS 2,543.19 7 19.67%
2 Credit Agricole CIB 2,031.40 2 15.71%
3 SG Corporate & Investment Banking 1,447.57 4 11.19%
4 BNP Paribas 1,314.77 3 10.17%
5 JPMorgan 657.14 4 5.08%