ECB tightens liquidity terms for covereds

The covered bonds issued by European banks that are being wound down are no longer eligible for the covered bond purchase programme (CBPP3) and wind down entities will not be eligible for repo funding from 2022. The measures dovetail with others that will hit covered bonds with extendable maturities, in addition to those retained for repo purposes.

  • By Bill Thornhill
  • 27 Jul 2017
According to a document published in the official journal of the European Union, the ECB is no longer permitted to buy covered bonds for CBPP3 if they were issued by an institution which “has as its main purpose the gradual divestment of its assets and the cessation ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 HSBC 8,472.52 36 6.37%
2 Commerzbank Group 6,654.93 41 5.00%
3 BNP Paribas 6,477.17 27 4.87%
4 UniCredit 6,430.25 52 4.84%
5 LBBW 6,140.56 29 4.62%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Aug 2017
1 Morgan Stanley 75,952.72 282 7.54%
2 Goldman Sachs 66,497.12 334 6.61%
3 Bank of America Merrill Lynch 65,883.47 240 6.54%
4 Citi 63,534.14 368 6.31%
5 JPMorgan 61,805.38 292 6.14%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 Morgan Stanley 57,872.19 205 10.77%
2 Citi 55,692.96 290 10.36%
3 Bank of America Merrill Lynch 53,031.38 203 9.87%
4 JPMorgan 51,094.81 223 9.51%
5 Goldman Sachs 51,087.97 275 9.50%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 LBBW 5,014.64 17 7.61%
2 SG Corporate & Investment Banking 4,741.46 19 7.19%
3 BNP Paribas 4,566.36 14 6.93%
4 Credit Agricole CIB 4,553.92 17 6.91%
5 Commerzbank Group 4,066.97 16 6.17%

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
  • 15 Aug 2017
1 JPMorgan 1,146.87 54 26.19%
2 Citi 623.93 16 14.25%
3 TD Securities Inc 524.39 8 11.98%
4 Deutsche Bank 499.78 5 11.41%
5 Nomura 360.08 7 8.22%