CFF hits the covered bond stars as SEB shines bright

Compagnie de Financement Foncier (CFF) this week issued one of the most oversubscribed French covered bonds in years with demand boosted by the long tenor, small deal size and positive spread. At the same time, SEB found good demand, even though it was issuing the tenth 10 year covered bond since September.

  • By Bill Thornhill
  • 07 Nov 2017

Joint bookrunners BBVA, Commerzbank, LBBW, Natixis and Société Générale were formally mandated and opened order books for a €500m 15 year French covered bond from CFF on Tuesday, with initial guidance of 14bp over mid-swaps.

Demand quickly swelled to more than double ...

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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 101,227.56 407 7.05%
2 Citi 93,364.44 533 6.50%
3 Goldman Sachs 92,877.06 482 6.47%
4 Bank of America Merrill Lynch 88,108.47 363 6.14%
5 JPMorgan 83,098.88 394 5.79%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 80,666.11 411 11.00%
2 Goldman Sachs 71,709.95 406 9.78%
3 Bank of America Merrill Lynch 71,286.77 308 9.72%
4 Morgan Stanley 70,689.24 298 9.64%
5 JPMorgan 69,672.34 305 9.50%

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%