Pfandbrief banks scramble to supply long end

Münchener Hypothekenbank issued a tightly priced nine year Pfandbrief on Wednesday, just as Commerzbank mandated leads for a 10 year. The deals are likely to be followed by others from core Europe and especially from borrowers looking to fund at the long end, where execution risks may rise in the run up to the European Central Bank’s meeting on September 7.

  • By Bill Thornhill
  • 16 Aug 2017

After mandating BayernLB, DekaBank, DZ Bank and UniCredit late on Tuesday, Münchener Hypothekenbank opened order books for a nine year mortgage-backed Pfandbrief due October 2026 on Wednesday, with initial guidance of 10bp area through mid-swaps.

The transaction benefited somewhat from pent-up demand, as the first long dated Pfandbrief ...

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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 6.02%
2 UniCredit 7,570.25 62 4.96%
3 Commerzbank Group 6,961.50 44 4.56%
4 BNP Paribas 6,833.59 30 4.48%
5 LBBW 6,799.87 38 4.45%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 86,402.71 348 7.34%
2 Bank of America Merrill Lynch 76,648.22 289 6.51%
3 Goldman Sachs 74,333.73 393 6.31%
4 Citi 74,212.55 449 6.30%
5 JPMorgan 69,612.35 336 5.91%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 63,244.76 346 10.45%
2 Bank of America Merrill Lynch 62,666.77 244 10.35%
3 Morgan Stanley 62,567.41 249 10.34%
4 JPMorgan 57,709.83 258 9.53%
5 Goldman Sachs 54,069.13 322 8.93%

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 13.77%
2 HSBC 8,067.77 29 12.79%
3 BNP Paribas 4,343.93 23 6.89%
4 Credit Suisse 4,219.22 21 6.69%
5 Citi 3,992.43 32 6.33%