Capital Intelligence introduces novel covered bond rating approach

Covered bond ratings newcomer, Capital Intelligence Ratings (CI), has set out its covered bond rating methodology. Its approach uses the same main credit risk elements as the other agencies, but differs markedly in the way that it brings these elements together, and how it sees cover pool quality.

  • By Bill Thornhill
  • 18 Aug 2017

CI has been active as a rating agency for 35 years but this week the agency set out its approach to rating covered bonds. 

As with the other agencies’ methodologies, CI has a three pillar approach starting with the issuer credit rating (ICR) then the covered bond legal and ...

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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 6.10%
2 UniCredit 9,392.63 73 5.03%
3 BNP Paribas 8,680.07 42 4.65%
4 Commerzbank Group 8,017.52 51 4.29%
5 LBBW 7,853.79 46 4.21%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 101,302.19 409 7.05%
2 Citi 93,364.44 533 6.49%
3 Goldman Sachs 92,965.22 483 6.47%
4 Bank of America Merrill Lynch 88,070.60 364 6.13%
5 JPMorgan 83,023.51 394 5.78%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 80,666.11 411 10.99%
2 Goldman Sachs 71,709.95 406 9.77%
3 Bank of America Merrill Lynch 71,248.89 309 9.71%
4 Morgan Stanley 70,763.87 300 9.64%
5 JPMorgan 69,596.97 305 9.48%

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 6.41%
2 LBBW 5,487.17 19 6.34%
3 BNP Paribas 5,467.55 18 6.32%
4 Credit Agricole CIB 5,313.69 20 6.14%
5 Commerzbank Group 4,830.70 19 5.59%

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%