Constructive covered bond mood to persist but vigilance still needed

Rates markets have barely reacted in the aftermath of Thursday’s European Central Bank meeting, and covered bond issuance conditions are likely to remain constructive. Despite this, vigilance is required as the positive situation can easily lead to complacency.

  • By Bill Thornhill
  • 08 Sep 2017

The ECB meeting on Thursday delivered little in the way of a surprise. Market participants still widely expect the central bank to press ahead with a tapering announcement in October for implementation from January to December 2018.

The euro’s disinflationary appreciation remains the ECB’s chief concern ...

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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 6.03%
2 UniCredit 9,509.62 74 5.03%
3 BNP Paribas 8,680.07 42 4.59%
4 Commerzbank Group 8,135.97 52 4.30%
5 LBBW 7,972.24 47 4.22%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 101,389.81 410 7.01%
2 Citi 93,952.06 535 6.50%
3 Goldman Sachs 93,147.66 487 6.44%
4 Bank of America Merrill Lynch 88,833.54 368 6.14%
5 JPMorgan 84,004.53 398 5.81%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,366.11 413 11.01%
2 Bank of America Merrill Lynch 71,835.56 312 9.72%
3 Goldman Sachs 71,716.12 409 9.71%
4 Morgan Stanley 70,783.10 301 9.58%
5 JPMorgan 70,263.64 307 9.51%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 LBBW 5,605.63 20 6.35%
2 SG Corporate & Investment Banking 5,543.24 22 6.28%
3 BNP Paribas 5,467.55 18 6.20%
4 Credit Agricole CIB 5,313.69 20 6.02%
5 Commerzbank Group 4,949.16 20 5.61%

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 12.90%
2 HSBC 8,882.01 36 12.11%
3 BNP Paribas 5,534.13 27 7.55%
4 Citi 4,542.03 36 6.19%
5 Credit Suisse 4,325.15 22 5.90%