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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
  • 16 Dec 2014
1 Natixis 15,005.46 56 7.13%
2 BNP Paribas 13,909.98 50 6.61%
3 Barclays 12,449.97 44 5.92%
4 UniCredit 12,065.59 91 5.74%
5 HSBC 10,586.08 49 5.03%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 97,372.82 351 6.68%
2 JPMorgan 96,512.61 390 6.62%
3 Citi 88,117.57 391 6.05%
4 Goldman Sachs 87,843.24 389 6.03%
5 Morgan Stanley 87,042.17 431 5.97%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 09 Dec 2014
1 Citi 1,499.34 5 21.48%
2 RBC Capital Markets 1,206.44 4 17.28%
3 TD Securities Inc 977.84 3 14.01%
4 HSBC 673.33 3 9.65%
4 Bank of America Merrill Lynch 673.33 3 9.65%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Dec 2014
1 Deutsche Bank 31,674.54 90 8.41%
2 BNP Paribas 24,247.12 74 6.44%
3 Goldman Sachs 23,545.70 74 6.25%
4 SG Corporate & Investment Banking 21,794.83 77 5.78%
5 Barclays 21,756.54 82 5.77%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Dec 2014
1 Natixis 10,323.99 33 8.51%
2 BNP Paribas 10,098.32 33 8.32%
3 Barclays 9,701.49 29 7.99%
4 UniCredit 6,929.62 25 5.71%
5 Commerzbank Group 6,921.97 23 5.70%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 1,282.34 1391 7.98%
2 Bank of America Merrill Lynch 1,041.39 1361 6.48%
3 Goldman Sachs 1,016.85 1072 6.32%
4 Deutsche Bank 945.39 1345 5.88%
5 Citi 930.30 1359 5.79%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 16 Dec 2014
1 HSBC 11,042.41 24 5.51%
2 Deutsche Bank 9,242.24 27 4.61%
3 BNP Paribas 7,528.88 25 3.76%
4 UBS 6,677.37 24 3.33%
5 SG Corporate & Investment Banking 6,432.59 22 3.21%