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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 Sep 2014
1 Natixis 10,937.59 42 7.19%
2 UniCredit 10,234.82 74 6.72%
3 BNP Paribas 10,200.44 37 6.70%
4 HSBC 8,018.72 37 5.27%
5 UBS 7,929.21 45 5.21%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Sep 2014
1 Bank of America Merrill Lynch 79,385.83 274 0.00%
2 JPMorgan 72,351.89 280 0.00%
3 Goldman Sachs 69,768.06 293 0.00%
4 Deutsche Bank 67,108.95 234 0.00%
5 Morgan Stanley 64,340.47 319 0.00%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 16 Sep 2014
1 Citi 711.71 3 0.00%
2 HSBC 673.33 3 0.00%
2 Bank of America Merrill Lynch 673.33 3 0.00%
4 Barclays 456.91 2 0.00%
5 RBC Capital Markets 418.81 2 0.00%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Sep 2014
1 Deutsche Bank 28,063.84 71 9.27%
2 Goldman Sachs 19,232.08 60 6.35%
3 BNP Paribas 19,017.44 52 6.28%
4 Barclays 17,595.94 67 5.81%
5 SG Corporate & Investment Banking 16,732.55 61 5.53%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 Sep 2014
1 BNP Paribas 7,436.38 24 9.34%
2 Natixis 6,420.33 21 8.06%
3 UniCredit 5,079.28 19 6.38%
4 Barclays 4,897.53 15 6.15%
5 SG Corporate & Investment Banking 4,493.14 17 5.64%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 01 Sep 2014
1 JPMorgan 1,868.78 1008 0.00%
2 Goldman Sachs 1,472.57 761 0.00%
3 Bank of America Merrill Lynch 1,425.33 934 0.00%
4 Deutsche Bank 1,339.61 929 0.00%
5 Citi 1,303.04 928 0.00%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 16 Sep 2014
1 HSBC 10,296.50 19 12.67%
2 Deutsche Bank 6,945.83 20 8.55%
3 UBS 5,667.34 18 6.98%
4 Bank of America Merrill Lynch 4,985.45 19 6.14%
5 SG Corporate & Investment Banking 4,804.40 16 5.91%