Liquidity glut fuels exceptional demand for sterling covereds

A surfeit of sterling liquidity drove demand for covered bonds to new heights this week with exceptional deal executions seen in two Canadian bank transactions, raising the likelihood that a UK bank will soon follow.

  • By Bill Thornhill
  • 13 Jul 2017

Sterling covered bonds issued this week by the Canadian Imperial Bank of Commerce (CIBC) and Bank of Montreal (BMO) enjoyed remarkable receptions. Both issuers were able to achieve materially tighter pricing than available in the euro or dollar markets, and in large sizes.

Bankers attributed their success to ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 9,196.65 41 5.99%
2 UniCredit 7,570.25 62 4.93%
3 Commerzbank Group 6,961.50 44 4.53%
4 BNP Paribas 6,833.59 30 4.45%
5 LBBW 6,799.87 38 4.43%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 87,751.12 359 7.39%
2 Bank of America Merrill Lynch 77,372.46 295 6.51%
3 Goldman Sachs 74,944.59 398 6.31%
4 Citi 74,754.56 460 6.29%
5 JPMorgan 70,466.76 340 5.93%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 63,366.76 350 10.44%
2 Morgan Stanley 63,226.50 254 10.42%
3 Bank of America Merrill Lynch 63,090.92 246 10.39%
4 JPMorgan 58,108.98 259 9.57%
5 Goldman Sachs 54,070.01 323 8.91%

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 5,349.05 21 7.30%
2 LBBW 5,191.72 18 7.08%
3 BNP Paribas 4,566.36 14 6.23%
4 Credit Agricole CIB 4,553.92 17 6.21%
5 Commerzbank Group 4,242.73 17 5.79%

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 8,682.34 22 13.73%
2 HSBC 8,067.77 29 12.75%
3 BNP Paribas 4,343.93 23 6.87%
4 Credit Suisse 4,219.22 21 6.67%
5 Citi 4,059.10 33 6.42%