‘No upside in waiting’ for covered funding

Crédit Agricole SFH seized an opportunity to issue its fifth covered bond benchmark of the year on Monday and, by pricing flat to its curve, it showed there was little reason to wait for better execution conditions this year.

  • By Bill Thornhill
  • 19 Jun 2017

Having already issued a three-part deal in January and a €1.5bn 10 year in April, Crédit Agricole returned to the covered bond market on Monday to issue its fifth covered bond in six months.

With covered bond spreads still trading tight and speculation of a potential tapering ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Jun 2017
1 HSBC 18,859.47 96 5.78%
2 UBS 17,096.63 103 5.24%
3 BNP Paribas 16,125.84 71 4.94%
4 Commerzbank Group 15,763.40 95 4.83%
5 LBBW 15,321.72 85 4.69%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Jun 2017
1 Morgan Stanley 58,230.82 220 7.33%
2 Goldman Sachs 55,991.98 263 7.05%
3 Bank of America Merrill Lynch 50,362.34 188 6.34%
4 JPMorgan 49,807.13 231 6.27%
5 Citi 48,627.79 289 6.12%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Jun 2017
1 Citi 43,195.68 237 4.98%
2 Goldman Sachs 42,898.99 218 4.94%
3 Morgan Stanley 42,703.73 163 4.92%
4 JPMorgan 42,140.63 182 4.85%
5 Bank of America Merrill Lynch 39,858.64 163 4.59%

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 4,741.46 19 7.08%
2 BNP Paribas 4,566.36 14 6.82%
3 LBBW 4,563.62 16 6.82%
4 Credit Agricole CIB 4,139.24 16 6.18%
5 Commerzbank Group 4,066.97 16 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 HSBC 6,172.32 23
2 Barclays 5,139.18 16
3 Credit Suisse 3,658.73 16
4 BNP Paribas 3,205.75 15
5 Citi 3,042.28 24