The most impressive league table rise ever?
There are few topics that divide opinion more in the bond markets than a bank’s ranking in the bookrunner league tables. Typically, the thinking runs: if your bank is riding high, you love them; if your bank is not, you hate them.
For UniCredit and Monte dei Paschi di Siena, the old dame of the banking world, they must be loving their rankings as bookrunners of all European government bonds this year. After all, UniCredit is not just ranked number one in the year-to-date, says Dealogic, but is ranked numero uno by an Italian country mile ahead of the typically dominant Deutsche Bank, Barclays and HSBC.
That’s nothing though. Strikingly, Monte dei Paschi di Siena has not just smashed its way into the top 20 for the first time, but catapulted itself into the top 10 at number five, and amazingly after only executing a solitary deal.
For the few out there in the bond market that didn’t see it, that solitary deal was the Republic of Italy’s monster and record-breaking €18 billion of four-year inflation-linked bonds sold largely to Italian savers last month. UniCredit and Monte dei Paschi were the sole bookrunners on the deal, and boy did they benefit.
Here are the stats: