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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
  • 30 Sep 2014
1 BNP Paribas 11,290.05 40 6.90%
2 Natixis 10,937.59 42 6.69%
3 UniCredit 10,926.69 78 6.68%
4 HSBC 8,501.70 39 5.20%
5 Commerzbank Group 8,157.44 37 4.99%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Sep 2014
1 Bank of America Merrill Lynch 83,883.16 293 7.35%
2 JPMorgan 78,140.03 319 6.85%
3 Goldman Sachs 73,299.65 305 6.42%
4 Deutsche Bank 70,049.78 253 6.14%
5 Morgan Stanley 67,629.03 334 5.93%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 30 Sep 2014
1 Citi 1,499.34 5 0.00%
2 RBC Capital Markets 1,206.44 4 0.00%
3 TD Securities Inc 977.84 3 0.00%
4 HSBC 673.33 3 0.00%
4 Bank of America Merrill Lynch 673.33 3 0.00%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 30 Sep 2014
1 Deutsche Bank 29,014.95 77 4.59%
2 Goldman Sachs 20,512.35 61 3.24%
3 BNP Paribas 19,260.40 56 3.05%
4 Bank of America Merrill Lynch 17,618.84 45 2.79%
5 Barclays 17,595.94 67 2.78%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 30 Sep 2014
1 BNP Paribas 8,089.51 26 8.92%
2 Natixis 7,165.28 23 7.90%
3 UniCredit 6,347.32 23 7.00%
4 Commerzbank Group 5,530.05 18 6.10%
5 Barclays 4,897.53 15 5.40%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Sep 2014
1 JPMorgan 1,015.47 1105 8.40%
2 Bank of America Merrill Lynch 792.11 1022 6.56%
3 Goldman Sachs 786.98 831 6.51%
4 Deutsche Bank 734.85 1038 6.08%
5 Citi 723.95 1033 5.99%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 30 Sep 2014
1 HSBC 10,296.50 19 12.29%
2 Deutsche Bank 7,195.83 21 8.59%
3 UBS 6,207.03 20 7.41%
4 Bank of America Merrill Lynch 5,371.83 21 6.41%
5 SG Corporate & Investment Banking 4,804.40 16 5.74%