Russia aims to tighten covered bond legislation

New proposals to tighten up Russian covered bond legislation could make the asset class look more like established jurisdictions, bankers hope. The Russian mortgage market has grown quickly, lifting prospects for fledgling covered bond issuance. But despite being Ucits-eligible and in line with the European Covered Bond Council’s Label definition, the country’s legal framework is not yet aligned with western Europe’s.

  • 04 May 2012
The country’s mortgage market has increased from €3.5bn equivalent four years ago to €17bn last year. The Russian government hopes to expand it from 7.2% of GDP in 2015 to 15.5% of GDP by 2030. With around half of this funding likely to come from covered bonds, the ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2017
1 HSBC 4,946.45 21 6.58%
2 Commerzbank Group 4,025.24 24 5.36%
3 UniCredit 3,981.56 30 5.30%
4 SG Corporate & Investment Banking 3,839.27 16 5.11%
5 LBBW 3,832.35 17 5.10%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 03 Apr 2017
1 Goldman Sachs 35,449.67 139 7.74%
2 Morgan Stanley 34,987.32 115 7.64%
3 Bank of America Merrill Lynch 28,660.24 106 6.26%
4 JPMorgan 26,590.60 127 5.80%
5 Citi 25,441.59 152 5.55%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 11 Apr 2017
1 Morgan Stanley 28,331.16 93 10.52%
2 Goldman Sachs 27,492.42 121 10.21%
3 Bank of America Merrill Lynch 23,356.59 95 8.67%
4 Citi 23,275.99 129 8.64%
5 JPMorgan 22,925.88 99 8.51%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2017
1 SG Corporate & Investment Banking 3,598.86 14 9.07%
2 LBBW 3,164.12 11 7.98%
3 BNP Paribas 2,664.21 9 6.72%
4 Commerzbank Group 2,654.38 10 6.69%
5 Credit Agricole CIB 2,428.94 10 6.12%

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
  • 11 Apr 2017
1 Credit Suisse 3,180.28 13 10.15%
2 BNP Paribas 2,841.61 13 9.07%
3 Barclays 2,669.79 10 8.52%
4 Citi 2,294.04 17 7.32%
5 HSBC 2,141.36 16 6.83%