dcsimg
FIG

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 ...

Please take a trial or subscribe to access this content.

Contact Mark Goodes to discuss your access: mark.goodes@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please call Mark Goodes on +44 (0)20 7779 8605 or email mark.goodes@globalcapital.com to discuss your requirements.

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Mar 2015
1 Natixis 4,147.71 24 6.37%
2 Barclays 3,906.47 18 6.00%
3 HSBC 3,708.95 17 5.70%
4 BNP Paribas 3,514.50 15 5.40%
5 RBC Capital Markets 3,427.51 8 5.27%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Mar 2015
1 JPMorgan 25,727.41 96 7.64%
2 Citi 24,626.67 109 7.31%
3 Morgan Stanley 22,491.46 76 6.68%
4 Deutsche Bank 20,855.18 85 6.19%
5 Goldman Sachs 20,351.15 88 6.04%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 24 Mar 2015
1 RBC Capital Markets 920.18 2 29.77%
2 UBS 590.25 1 19.10%
2 Goldman Sachs 590.25 1 19.10%
4 Westpac 329.93 1 10.68%
4 Citi 329.93 1 10.68%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Mar 2015
1 Deutsche Bank 11,989.43 34 5.89%
2 Goldman Sachs 8,885.23 22 4.37%
3 Credit Agricole CIB 7,578.80 13 3.72%
4 SG Corporate & Investment Banking 6,880.09 17 3.38%
5 BNP Paribas 5,800.38 15 2.85%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Mar 2015
1 Natixis 3,126.75 15 8.73%
2 BNP Paribas 3,068.59 11 8.57%
3 HSBC 2,958.98 12 8.27%
4 Credit Agricole CIB 2,119.29 9 5.92%
5 Commerzbank Group 1,983.50 8 5.54%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Mar 2015
1 Goldman Sachs 221.92 208 7.45%
2 Morgan Stanley 214.00 306 7.18%
3 JPMorgan 212.32 259 7.13%
4 Citi 185.33 290 6.22%
5 Barclays 142.06 245 4.77%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 24 Mar 2015
1 Credit Agricole CIB 4,374.93 2 17.34%
2 UBS 3,578.91 2 14.18%
3 Deutsche Bank 2,831.09 8 11.22%
4 BNP Paribas 2,120.77 5 8.41%
5 SG Corporate & Investment Banking 1,773.51 4 7.03%