DCM view: Covered bonds and bank capital braced for dovish taper

Rates could be hiked before the end of quantitative easing, it is reasonable to expect some Spanish covered bonds to trade in line with some in France, and although additional tier one is expensive to equities there is a sound structural reason for this. Derry Hubbard, global co-head of debt capital markets at Danske Bank, speaks to GlobalCapital about these topics and more.

  • By Bill Thornhill
  • 04 Aug 2017

Rates outlook

GlobalCapital: Do you believe rates could be normalised before the end of QE?

Derry Hubbard, Danske Bank: Negative rates are structurally a problem for the pension and insurance industry and flat yield curves can be problematic for banks. So I don’t believe the ECB will ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 11,789.48 61 3.02%
2 UniCredit 9,643.13 76 2.47%
3 BNP Paribas 9,051.42 45 2.32%
4 Commerzbank Group 8,371.43 55 2.14%
5 LBBW 8,178.05 50 2.09%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 104,688.01 434 6.86%
2 Citi 98,010.14 566 6.42%
3 Goldman Sachs 95,279.51 526 6.24%
4 Bank of America Merrill Lynch 92,521.06 396 6.06%
5 JPMorgan 88,188.47 421 5.78%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 83,832.26 437 10.83%
2 Bank of America Merrill Lynch 74,618.17 337 9.64%
3 Morgan Stanley 73,833.21 321 9.54%
4 JPMorgan 73,576.52 325 9.51%
5 Goldman Sachs 73,402.96 445 9.49%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,645.35 19 6.27%
2 Credit Agricole CIB 5,608.30 21 6.23%
3 LBBW 5,605.63 20 6.23%
4 SG Corporate & Investment Banking 5,543.24 22 6.16%
5 Commerzbank Group 4,949.16 20 5.50%

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 12.31%
2 HSBC 9,014.48 37 11.73%
3 BNP Paribas 6,278.15 28 8.17%
4 Citi 4,542.03 36 5.91%
5 Credit Suisse 4,325.15 22 5.63%