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 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%