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
  • 29 Nov 2016
1 UBS 12,062.01 77 5.88%
2 HSBC 11,342.38 64 5.53%
3 BNP Paribas 10,550.01 50 5.15%
4 Credit Agricole CIB 9,998.56 48 4.88%
5 Commerzbank Group 9,638.54 59 4.70%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Nov 2016
1 JPMorgan 89,813.16 398 6.76%
2 Citi 81,028.72 480 6.10%
3 Morgan Stanley 77,852.19 340 5.86%
4 Goldman Sachs 76,046.57 396 5.72%
5 Bank of America Merrill Lynch 73,177.81 359 5.51%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Nov 2016
1 JPMorgan 70,521.42 284 10.61%
2 Citi 65,631.80 376 9.88%
3 Bank of America Merrill Lynch 61,658.19 304 9.28%
4 Morgan Stanley 55,604.03 259 8.37%
5 Goldman Sachs 51,285.24 305 7.72%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Nov 2016
1 Credit Agricole CIB 8,361.81 30 8.01%
2 BNP Paribas 7,357.30 28 7.04%
3 UBS 6,976.66 25 6.68%
4 UniCredit 6,176.37 25 5.91%
5 LBBW 5,995.79 23 5.74%

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
  • 29 Nov 2016
1 HSBC 7,856.87 22 10.67%
2 UBS 6,893.97 28 9.36%
3 BNP Paribas 6,662.83 23 9.05%
4 Barclays 5,547.64 17 7.53%
5 Citi 4,814.05 25 6.54%