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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
  • 22 Jul 2014
1 Natixis 9,907.30 37 7.74%
2 UniCredit 9,066.47 60 7.08%
3 BNP Paribas 8,377.17 32 6.54%
4 UBS 7,489.08 42 5.85%
5 Barclays 6,139.46 23 4.79%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2014
1 JPMorgan 63,850.48 242 7.39%
2 Bank of America Merrill Lynch 63,554.64 226 7.35%
3 Goldman Sachs 61,392.97 252 7.10%
4 Deutsche Bank 55,339.92 192 6.40%
5 Morgan Stanley 50,534.68 263 5.85%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 22 Jul 2014
1 Citi 483.40 2 22.09%
2 Westpac 254.80 1 11.64%
2 JPMorgan 254.80 1 11.64%
2 HSBC 254.80 1 11.64%
2 Bank of America Merrill Lynch 254.80 1 11.64%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Jul 2014
1 Deutsche Bank 21,118.76 59 8.22%
2 Goldman Sachs 17,448.45 52 6.80%
3 BNP Paribas 16,487.28 44 6.42%
4 Barclays 16,221.71 58 6.32%
5 Bank of America Merrill Lynch 14,216.02 38 5.54%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 Jul 2014
1 BNP Paribas 6,943.48 22 9.06%
2 Natixis 6,420.33 21 8.37%
3 UniCredit 4,995.61 18 6.52%
4 Barclays 4,897.53 15 6.39%
5 Commerzbank Group 4,070.18 14 5.31%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2014
1 JPMorgan 843.74 894 8.76%
2 Bank of America Merrill Lynch 641.69 828 6.66%
3 Goldman Sachs 639.01 674 6.64%
4 Citi 581.96 817 6.04%
5 Deutsche Bank 577.46 808 6.00%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 22 Jul 2014
1 Deutsche Bank 6,545.83 18 9.76%
2 HSBC 5,264.71 15 7.85%
3 UBS 5,026.99 15 7.50%
4 Bank of America Merrill Lynch 4,294.11 15 6.40%
5 BNP Paribas 3,745.87 13 5.59%
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