Covered investors face supply drought but better opportunities at hand

Investors are sitting on plenty of cash but have little opportunity to do anything with it in the covered bond market as supply prospects look set to worsen. But with Bund yields breaking up from a long held range on Thursday and the possibility of the European Central Bank scaling back covered bond purchases, there are likely to be better buying opportunities at hand.

  • By Bill Thornhill
  • 06 Jul 2017

The 10 year composite Bund yield rose to 0.54% on Thursday breaking out of a range that had been in place since November last year. There is a belief that yields will head higher still as a result. 

Analysts at UBS acknowledged the breakout and said, in ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 11,393.91 58 6.10%
2 UniCredit 9,392.63 73 5.03%
3 BNP Paribas 8,680.07 42 4.65%
4 Commerzbank Group 8,017.52 51 4.29%
5 LBBW 7,853.79 46 4.21%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 101,302.19 409 7.05%
2 Citi 93,364.44 533 6.49%
3 Goldman Sachs 92,965.22 483 6.47%
4 Bank of America Merrill Lynch 88,070.60 364 6.13%
5 JPMorgan 83,023.51 394 5.78%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 80,666.11 411 10.99%
2 Goldman Sachs 71,709.95 406 9.77%
3 Bank of America Merrill Lynch 71,248.89 309 9.71%
4 Morgan Stanley 70,763.87 300 9.64%
5 JPMorgan 69,596.97 305 9.48%

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 6.41%
2 LBBW 5,487.17 19 6.34%
3 BNP Paribas 5,467.55 18 6.32%
4 Credit Agricole CIB 5,313.69 20 6.14%
5 Commerzbank Group 4,830.70 19 5.59%

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 9,461.63 27 13.12%
2 HSBC 8,882.01 36 12.32%
3 BNP Paribas 5,367.46 26 7.44%
4 Citi 4,542.03 36 6.30%
5 Credit Suisse 4,325.15 22 6.00%