dcsimg
FIG

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 ...

Please take a trial or subscribe to access this content.

Contact Mark Goodes to discuss your access: mark.goodes@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please call Mark Goodes on +44 (0)20 7779 8605 or email mark.goodes@globalcapital.com to discuss your requirements.

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Jan 2015
1 Barclays 2,221.48 9 10.19%
2 Commerzbank Group 1,949.79 9 8.94%
3 Natixis 1,705.53 9 7.82%
4 BNP Paribas 1,314.67 6 6.03%
5 HSBC 1,124.07 4 5.16%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Jan 2015
1 JPMorgan 9,602.38 20 0.00%
2 Goldman Sachs 6,288.30 20 0.00%
3 Credit Agricole CIB 5,616.74 13 0.00%
4 Citi 5,074.12 23 0.00%
5 Deutsche Bank 4,268.16 18 0.00%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 20 Jan 2015
1 Citi 1,499.34 5 10.74%
2 RBC Capital Markets 1,206.44 4 8.64%
3 TD Securities Inc 977.84 3 7.00%
4 HSBC 673.33 3 4.82%
4 Bank of America Merrill Lynch 673.33 3 4.82%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Jan 2015
1 Goldman Sachs 6,244.99 12 13.72%
2 Credit Agricole CIB 5,277.53 9 11.59%
3 Deutsche Bank 3,256.30 9 7.15%
4 SG Corporate & Investment Banking 3,065.13 6 6.73%
5 BNP Paribas 2,683.59 4 5.90%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Jan 2015
1 BNP Paribas 1,255.52 5 9.69%
2 Natixis 1,179.60 5 9.10%
3 Commerzbank Group 1,165.73 4 8.99%
4 Barclays 954.90 3 7.37%
5 HSBC 870.95 3 6.72%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Jan 2015
1 JPMorgan 56.40 54 7.81%
2 Barclays 44.41 61 6.15%
3 Deutsche Bank 42.65 62 5.90%
4 Citi 41.83 48 5.79%
5 Goldman Sachs 40.33 44 5.58%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 20 Jan 2015
1 Credit Agricole CIB 999.76 1 39.99%
2 Rabobank 375.00 1 15.00%
2 Morgan Stanley 375.00 1 15.00%
2 JPMorgan 375.00 1 15.00%
2 Credit Suisse 375.00 1 15.00%