Iberian covereds enjoy solid comeback after long hiatus

Rare covered bond issuers from Portugal and Spain made a surprise return to the market this week after long absences with transactions that, under the circumstances, were very well received.

  • By Bill Thornhill
  • 20 Apr 2017

Banco Santander Totta returned to the covered bond market this week to issue the first Portuguese deal in 18 months. It was not only the bank’s longest and largest deal ever, but one that was priced at a record spread through government bonds.

Totta followed Banco ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 10,189.41 48 6.09%
2 UniCredit 8,290.73 65 4.95%
3 BNP Paribas 7,574.73 35 4.53%
4 LBBW 7,401.08 42 4.42%
5 Commerzbank Group 7,255.50 46 4.34%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 88,943.23 375 7.02%
2 Bank of America Merrill Lynch 82,746.68 325 6.53%
3 Citi 82,424.25 487 6.50%
4 Goldman Sachs 77,168.54 434 6.09%
5 JPMorgan 74,578.61 357 5.88%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 70,640.47 376 10.99%
2 Bank of America Merrill Lynch 66,526.97 273 10.35%
3 Morgan Stanley 64,569.18 271 10.04%
4 JPMorgan 61,807.07 271 9.61%
5 Goldman Sachs 56,413.27 361 8.77%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 5,543.24 22 6.98%
2 LBBW 5,487.17 19 6.90%
3 BNP Paribas 4,946.20 16 6.22%
4 Credit Agricole CIB 4,748.11 18 5.97%
5 Commerzbank Group 4,389.40 18 5.52%

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 9,144.21 24 13.47%
2 HSBC 8,632.25 34 12.71%
3 BNP Paribas 4,721.16 25 6.95%
4 Citi 4,398.19 35 6.48%
5 Credit Suisse 4,219.22 21 6.21%