SME covereds: good intentions, bad consequences

When is a covered bond not a covered bond? Commerzbank’s controversial SME structured deal generated much emotion at the IMN covered bond conference in London this week. In a show of hands, almost all delegates thought the issuer should not have been able to market it as a covered bond. EuroWeek looks into the reasons for their disapproval and considers the arguments for the defence. Whoever is right, Commerz has given the market a new headache.

  • 01 Mar 2013
The SME market in Europe is in need of funding and bankers have been busy finding ways to develop capital market solutions in response. With the ABS market decimated and senior unsecured investors liable to be bailed in, Commerzbank last week successfully structured and placed a dual recourse ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 HSBC 5,680.75 25 5.91%
2 Commerzbank Group 5,001.67 29 5.20%
3 UniCredit 4,986.06 37 5.19%
4 Credit Agricole CIB 4,573.35 20 4.76%
5 BNP Paribas 4,463.32 18 4.64%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Morgan Stanley 139,173.11 554 6.60%
2 JPMorgan 135,505.56 612 6.43%
3 Citi 127,910.15 757 6.07%
4 Goldman Sachs 125,520.43 675 5.95%
5 Bank of America Merrill Lynch 119,876.60 536 5.69%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Apr 2017
1 JPMorgan 104,210.95 417 10.23%
2 Citi 99,111.89 557 9.73%
3 Bank of America Merrill Lynch 94,929.57 429 9.32%
4 Morgan Stanley 89,025.14 390 8.74%
5 Goldman Sachs 85,770.72 496 8.42%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 May 2017
1 SG Corporate & Investment Banking 3,864.50 15 8.19%
2 LBBW 3,506.91 13 7.43%
3 Credit Agricole CIB 3,308.89 13 7.01%
4 BNP Paribas 2,845.56 10 6.03%
5 Commerzbank Group 2,832.12 11 6.00%

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 HSBC 5,378.40 21 6.13%
2 Barclays 4,839.18 14 5.52%
3 Credit Suisse 3,558.82 15 4.06%
4 BNP Paribas 3,205.75 15 3.65%
5 Goldman Sachs 2,788.75 18 3.18%