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 UBS 7,793.76 40 3.19%
2 Credit Agricole CIB 7,488.77 32 3.07%
3 Landesbank Baden-Wuerttemberg - LBBW 7,240.75 39 2.96%
4 HSBC 6,619.34 35 2.71%
5 BNP Paribas 6,523.33 29 2.67%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2016
1 JPMorgan 39,659.71 180 6.61%
2 Goldman Sachs 38,742.30 164 6.45%
3 Citi 37,218.70 179 6.20%
4 HSBC 35,655.89 132 5.94%
5 Morgan Stanley 35,382.64 130 5.89%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 14,248.87 43 4.75%
2 BNP Paribas 10,916.04 34 3.64%
3 HSBC 10,011.45 40 3.34%
4 SG Corporate & Investment Banking 8,827.87 31 2.94%
5 Credit Suisse 8,704.79 21 2.90%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 6,607.09 23 9.15%
2 UBS 5,506.43 18 7.63%
3 Landesbank Baden-Wuerttemberg - LBBW 4,972.85 18 6.89%
4 BNP Paribas 4,893.74 17 6.78%
5 Deutsche Bank 3,894.43 13 5.39%

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
  • Today
1 BNP Paribas 4,111.15 7 6.60%
2 UBS 3,176.99 11 5.10%
3 Barclays 2,454.68 7 3.94%
4 HSBC 2,293.14 11 3.68%
5 Deutsche Bank 1,725.52 7 2.77%