BMO smashes through sterling covered bond records

On Tuesday, Bank of Montreal (BMO) issued the largest sterling covered bond from an overseas bank in almost three years at the tightest spread of any sterling covered bond in over two years. The level BMO achieved was far cheaper than would have been possible in euros or dollars.

  • By Bill Thornhill
  • 11 Jul 2017

BMO opened order books for a sterling three year floater on Tuesday morning at three month Libor plus 25bp area after appointing Credit Suisse, HSBC, Lloyds and its own syndicate at the same time.

After an hour orders exceeded £500m and by late morning, when orders ...

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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 6.13%
2 UniCredit 9,217.03 72 4.96%
3 BNP Paribas 8,680.07 42 4.67%
4 Commerzbank Group 8,017.52 51 4.31%
5 LBBW 7,853.79 46 4.23%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 100,989.22 405 7.05%
2 Citi 93,180.67 526 6.50%
3 Goldman Sachs 92,875.57 480 6.48%
4 Bank of America Merrill Lynch 87,938.88 362 6.14%
5 JPMorgan 82,860.55 392 5.78%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 80,629.11 408 11.02%
2 Goldman Sachs 71,708.47 404 9.80%
3 Bank of America Merrill Lynch 71,117.18 307 9.72%
4 Morgan Stanley 70,450.90 296 9.62%
5 JPMorgan 69,434.01 303 9.49%

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 6.48%
2 LBBW 5,487.17 19 6.41%
3 BNP Paribas 5,467.55 18 6.39%
4 Credit Agricole CIB 5,138.10 19 6.00%
5 Commerzbank Group 4,830.70 19 5.64%

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%