Pbb brings hungry covered bond buyers out to 15 years

Deutsche Pfandbriefbank launched the longest German Pfandbrief in a decade this week, pricing a €500m 15 year deal. Its success in an unusual tenor illustrates just how flexible investors have become, said syndicate officials. But bankers are divided over the potential for more ultra-long dated covered bonds.

  • 24 May 2013

Pbb sold its deal at 40bp over mid-swaps on Wednesday after building a €1.1bn book in under an hour. The lightning fast execution left some investors empty handed. "It was simply over too quickly for us to get involved," said one German fund manager.

Ultra-long dated covered bonds have ...

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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%