• FWD Group returns for more after secondary rally

    FWD Group, an insurance company, was back with a $250m tap of a subordinated five year bond, thanks to a rally in its bond price in the secondary market.

    • 19 Jul 2019
  • Banca Monte dei Paschi di Siena EUR300m 10.5% Jul 29 tier two

    • 18 Jul 2019
  • PIC offers 7.375% coupon for growth-boosting RT1 debut

    Pension Insurance Corp (PIC) offered a pickup over similar instruments for its debut restricted tier one (RT1) transaction on Thursday. It hopes the deal will help it tap into growth in the UK’s pension risk transfer market.

    • 18 Jul 2019
  • Brexit premium rises for UK banks as Tories pick new PM

    Investors have been discounting UK bank bonds in the secondary market in recent weeks, as it becomes increasingly unclear how a change of prime minister will affect the country’s approach to leaving the EU.

    • 17 Jul 2019
  • Monte offers 10.5% coupon on tier two return

    Banca Monte dei Paschi di Siena, the ailing Italian bank, was offering a double digit yield in return for investment in a new €300m tier two on Tuesday, as it looked to chip away at its €700m shortfall in the asset class.

    • 16 Jul 2019
  • PIC picks RT1 to support big business growth

    Pension Insurance Corporation has announced plans to issue its first restricted tier one (RT1) instrument as it looks to fund the growth of its business. Analysts at CreditSights suggest the deal could be priced with a coupon of about 7%.

    • 15 Jul 2019
  • Westpac leads T2 charge after agreement on Aussie TLAC

    Westpac has laid out plans to sell a pair of tier two bonds in the US dollar market, just days after the Australian Prudential Regulation Authority (Apra) put the asset class at the heart of its total loss-absorbing capacity (TLAC) framework.

    • 15 Jul 2019
  • Greek banks revel in one-off issuance window

    In the space of just a few weeks, two Greek banks have made their first sales of capital instruments since the financial crisis: Piraeus Bank in June, followed by National Bank of Greece this week. With debt market valuations at all time highs, some market participants say that it is now or never for Europe's weakest financial institutions. David Freitas reports.

    • 11 Jul 2019
  • NBG scores 8.25% coupon after proving popular on T2 debut

    National Bank of Greece showed market participants on Thursday that investors are still ravenous for higher beta products across peripheral Europe. Marketing a tier two bond, the bank attracted demand worth more than four times the final size of its €400m deal.

    • 11 Jul 2019
  • Fineco prices inside UniCredit with blowout AT1 debut

    FinecoBank was more than nine times subscribed for its first ever sale of an additional tier one instrument on Thursday, despite pricing the deal at a level that was lower than what might have been expected for a similar offering from UniCredit, its former parent.

    • 11 Jul 2019
  • AT1 investors reveal doubts about Deutsche Bank restructuring plans

    Prices on Deutsche Bank’s additional tier ones (AT1s) plummeted after the German lender announced a radical overhaul of its investment banking business this week, with bank capital investors still doubting the issuer’s ability to pay coupons on the instruments in the longer term.

    • 10 Jul 2019
  • NBG eyes T2 following Piraeus success

    National Bank of Greece said on Tuesday that it had picked banks to arrange a tier two bond transaction as part of its plans to raise €800m in the format. The bank could become only the second Greek issuer of subordinated debt since the financial crisis, following a new tier two from Piraeus last month.

    • 09 Jul 2019
  • Chong Hing looks to Chinese peers with tight AT1

    Hong Kong-based Chong Hing Bank raised $400m from a Basel III-compliant additional tier one (AT1) transaction at a level that was, unsurprisingly, inside fair value.

    • 09 Jul 2019
  • Budget boost gives hope to outcast Italian banks

    Italian banks rushed to make use of favourable market conditions this week, with Banca Monte dei Paschi di Siena and UBI Banca bringing new deals and Fineco Bank lining up an additional tier one (AT1). The window opened after the EU and the Italian government settled their scrap over the latter's budget targets, but market participants fear it won't stay open for long. Daivd Freitas reports.

    • 04 Jul 2019
  • Pru wins huge demand for unusual tier two transaction

    Prudential's deal was nearly 18 times subscribed on Thursday for an attractively priced tier two, which had an unusual 30 year non-call five maturity structure.

    • 04 Jul 2019
  • Italian budget relief opens window for BMPS, UBI

    Banca Monte dei Paschi di Siena was selling senior debt in euros on Thursday and UBI Banca was marketing tier two bonds, after the pair came rushing into the market to take advantage of a favourable backdrop for Italian credits.

    • 04 Jul 2019
  • Fineco set to become fourth Italian issuer of AT1

    Fineco Bank is lining up the sale of a €200m additional tier one (AT1) bond after recently becoming independent from UniCredit — a deal that will make it only the fourth Italian issuer to raise capital in the asset class.

    • 04 Jul 2019
  • Investor ‘discipline’ keeps lid on FIG pricing performance

    Investors are increasingly showing "price discipline" in the primary market, according to FIG bankers, even though falling yields have severely limited their ability to quibble over returns.

    • 03 Jul 2019
  • South Korea: well positioned to lead Asia’s green market

    South Korea’s green and sustainable bond market is thriving this year. The country is already streets ahead of its peer China, with its sovereign printing a green deal and issuers embracing new twists on these financings. That forward-thinking mentality is just the beginning.

    • 03 Jul 2019
  • Burgan finds strong demand for AT1

    Burgan Bank is in the market with an additional tier one benchmark, eyeing $500m. The order book has swollen to over $2bn.

    • 02 Jul 2019
  • Commerzbank finally surfaces in AT1, draws $11bn of demand

    Commerzbank was more than 10 times subscribed for its first ever additional tier one on Tuesday, despite widespread disagreement in the market about what would constitute fair value for the new securities.

    • 02 Jul 2019

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 10,283.03 88 6.01%
2 HSBC 9,924.14 51 5.80%
3 LBBW 8,393.04 48 4.91%
4 Natixis 7,239.94 37 4.23%
5 UBS 7,025.55 38 4.11%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 55,206.99 242 6.06%
2 JPMorgan 52,753.76 271 5.79%
3 Citi 52,120.64 279 5.72%
4 Morgan Stanley 41,067.38 223 4.51%
5 HSBC 36,375.06 225 3.99%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 45,511.73 199 11.58%
2 JPMorgan 42,181.52 207 10.73%
3 Citi 40,920.97 214 10.41%
4 Morgan Stanley 30,577.16 152 7.78%
5 Goldman Sachs 27,936.22 261 7.11%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,939.43 23 6.77%
2 LBBW 5,403.66 21 6.16%
3 UniCredit 5,082.55 24 5.79%
4 HSBC 5,076.13 19 5.78%
5 Credit Agricole CIB 4,965.07 22 5.66%

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 Barclays 6,170.54 15 14.33%
2 UBS 4,233.38 20 9.83%
3 BNP Paribas 3,846.71 16 8.93%
4 Credit Agricole CIB 3,549.81 11 8.24%
5 HSBC 2,321.22 16 5.39%