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Deutsche and Bankia reveal polarising market

The supply-starved covered bond market highlighted its increasing credit polarisation this week with both its tightest and widest deals of the year. 2012’s lowest rated covered issuer, Spain’s Bankia, got an inaugural public transaction away at 290bp over mid-swaps despite recent Cédulas downgrades, while rare issuer Deutsche Bank attracted more than €2bn of orders in under an hour for what bankers described as a "cheap Bund" at 22bp over.

  • 24 Feb 2012

Both top tier and peripheral names are benefiting from a lack of euro benchmark supply, down €25bn on last year, bankers said. Others, including lower tier issuers from Italy and Spain, could now follow even after missing the LTRO II cut off.

But though the covered market has ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,610.19 31 6.68%
2 HSBC 4,599.27 22 5.48%
3 RBC Capital Markets 4,514.99 12 5.37%
4 Barclays 4,137.75 20 4.93%
5 BNP Paribas 4,096.09 17 4.88%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Apr 2015
1 JPMorgan 32,401.22 131 7.18%
2 Bank of America Merrill Lynch 30,512.11 114 6.77%
3 Citi 28,591.98 150 6.34%
4 Morgan Stanley 25,999.86 105 5.77%
5 Deutsche Bank 25,768.02 109 5.71%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 RBC Capital Markets 920.18 2 22.49%
2 UBS 790.63 2 19.32%
3 Goldman Sachs 590.25 1 14.42%
4 Citi 530.31 2 12.96%
4 Barclays 530.31 2 12.96%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 12,954.07 39 10.35%
2 Goldman Sachs 9,242.39 23 7.39%
3 Credit Agricole CIB 8,212.92 16 6.56%
4 SG Corporate & Investment Banking 7,228.69 19 5.78%
5 BNP Paribas 6,487.70 19 5.18%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 3,661.20 18 4.42%
2 BNP Paribas 3,400.31 12 4.10%
3 HSBC 3,025.71 13 3.65%
4 Credit Agricole CIB 2,654.35 12 3.20%
5 Commerzbank Group 2,370.49 11 2.86%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Apr 2015
1 Goldman Sachs 349.62 315 7.71%
2 JPMorgan 314.45 393 6.94%
3 Morgan Stanley 291.82 474 6.44%
4 Citi 264.72 461 5.84%
5 Bank of America Merrill Lynch 245.65 417 5.42%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 4,774.91 4 12.60%
2 Deutsche Bank 4,708.27 11 12.42%
3 UBS 4,406.20 4 11.63%
4 HSBC 2,970.48 6 7.84%
5 JPMorgan 2,730.43 13 7.21%