Demand for UK covered bonds unlikely to be affected by higher capital charges

At current spreads UK covered bonds still offer good value even though a rise in the UK counter-cyclical capital buffer (CCyB) means international investors will incur a higher capital charge in buying the deal, said analysts at Citi.

  • By Bill Thornhill
  • 13 Jul 2017
The UK Financial Policy Committee’s decision to raise the counter-cyclical capital buffer (CCyB) from zero to 0.5% from June 27 and raise it again to 1% in November will be applied to “non-UK credit institutions that hold specific UK assets,” said Michael Spies at Citi research in a ...

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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%