Co-lead Manager

What is the role of the Co-Lead Manager in a financial transaction?

The term Co-Lead Manager is primarily used in capital markets transactions, whether in:

• Debt Capital Markets (DCM): Bond issuances; Convertible bond issuances.
• Equity Capital Markets (ECM): Initial Public Offerings (IPOs); Capital increases; Secondary share placements (block trades).

When an issuer (corporate or financial institution) seeks to raise capital, it appoints several banks to:

• structure the transaction;
• place the securities (equity or debt);
• and where applicable, underwrite the deal.

These banks operate within a syndicate, and each institution is assigned a defined role — including that of Co-Lead Manager. The Co-Lead Manager acts alongside the Lead Manager, who oversees the transaction.

Unlike the Lead Manager, who plays a central role including the structuring of the transaction, the coordination of the syndicate, and the direct relationship with the issuer, the Co-Lead Manager mainly contributes to the placement of the securities and does not take part in the structuring.
The main missions of a Co-Lead Manager are:
1. Placement support and investor outreach

• contact investors within their network and geographical reach;
• present the key investment highlights;
• collect purchase orders (number of securities and price indications).

2. A secondary placement role compared to the Bookrunner
Compared with the Bookrunner, the Co-Lead Manager:

• plays a less active role in the placement process;
• is allocated a smaller portion of the securities to place and receives a lower share of fees as a result;
• does not interact directly with the issuer.

Communication with the issuer is handled by the Global Coordinator or, in the absence of one, the Bookrunner.

Issuers may choose to appoint one or several Co-Lead Managers for several strategic reasons:

• Strengthening placement capacity: bringing strong placement capabilities in a specific geographic market (e.g., the United States for a European issuer), expanding the investor base.
• Increasing equity research coverage. This broader analyst coverage supports both the success of the offering and post listing market liquidity.

Thus, while the Co-Lead Manager holds a secondary role, it contributes meaningfully to the overall success of the placement.

Example of a transaction where Societe Generale acted as Co-Lead Manager

•    A real estate company ranked in the top 1% of best ESG companies in the world