Tight repo leads to fears of failed covered bond trades

The secondary market in short dated covered bonds is in danger of breaking, and though it is not there yet, there are concerns over ‘forced delivery squeezes’ in the repo market which may lead to failed trades.

  • 03 Feb 2012

It has always been the intention of the European Central Bank to improve liquidity, but bankers say it could do better. As it stands, covered bonds could risk becoming almost like a private placement market.

Few covered bond traders have any inventory on their books and they are ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UBS 9,677.63 58 5.90%
2 HSBC 9,491.66 52 5.79%
3 Credit Agricole CIB 8,532.32 39 5.21%
4 Landesbank Baden-Wuerttemberg - LBBW 7,975.45 47 4.87%
5 Commerzbank Group 7,969.91 47 4.86%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Aug 2016
1 JPMorgan 65,509.69 286 6.77%
2 Citi 58,842.67 319 6.08%
3 Morgan Stanley 54,842.72 238 5.66%
4 Goldman Sachs 54,581.59 275 5.64%
5 Bank of America Merrill Lynch 53,004.42 257 5.47%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 52,864.22 208 10.85%
2 Citi 49,178.89 247 10.09%
3 Bank of America Merrill Lynch 43,446.64 217 8.91%
4 Morgan Stanley 40,567.00 183 8.32%
5 Wells Fargo Securities 38,742.74 188 7.95%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 7,372.24 27 8.48%
2 UBS 5,981.15 20 6.88%
3 BNP Paribas 5,884.81 22 6.77%
4 Landesbank Baden-Wuerttemberg - LBBW 5,306.88 20 6.11%
5 Commerzbank Group 5,042.43 21 5.80%

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 BNP Paribas 6,163.54 19 11.17%
2 HSBC 5,625.84 17 10.19%
3 UBS 5,562.70 20 10.08%
4 Barclays 4,513.52 9 8.18%
5 JPMorgan 2,909.54 15 5.27%