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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
  • 24 Feb 2015
1 Barclays 3,248.30 16 7.64%
2 Natixis 2,824.44 16 6.64%
3 HSBC 2,641.21 12 6.21%
4 BNP Paribas 2,476.22 11 5.82%
5 Commerzbank Group 2,430.29 11 5.72%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Feb 2015
1 JPMorgan 113,682.66 452 0.00%
2 Bank of America Merrill Lynch 106,794.81 409 0.00%
3 Citi 104,403.84 493 0.00%
4 Goldman Sachs 102,392.18 436 0.00%
5 Morgan Stanley 101,320.07 493 0.00%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 24 Feb 2015
1 UBS 590.25 1 0.00%
1 RBC Capital Markets 590.25 1 0.00%
1 Goldman Sachs 590.25 1 0.00%
1 UBS 590.25 1 33.33%
1 RBC Capital Markets 590.25 1 33.33%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Feb 2015
1 Deutsche Bank 7,287.46 20 5.30%
2 Goldman Sachs 6,804.09 15 4.95%
3 SG Corporate & Investment Banking 5,814.67 13 4.23%
4 Credit Agricole CIB 5,201.56 11 3.78%
5 BNP Paribas 4,800.11 8 3.49%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Feb 2015
1 BNP Paribas 2,218.30 8 9.58%
2 HSBC 2,002.50 8 8.65%
3 Natixis 1,960.01 9 8.47%
4 Commerzbank Group 1,794.02 7 7.75%
5 Barclays 1,567.50 6 6.77%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Feb 2015
1 Goldman Sachs 169.10 128 8.53%
2 JPMorgan 154.30 161 7.78%
3 Morgan Stanley 142.54 189 7.19%
4 Citi 107.57 157 5.43%
5 UBS 98.97 90 4.99%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 24 Feb 2015
1 UBS 3,578.91 2 23.03%
2 Deutsche Bank 2,034.58 4 13.09%
3 SG Corporate & Investment Banking 1,773.51 4 11.41%
4 BNP Paribas 1,755.03 3 11.29%
5 JPMorgan 1,048.58 5 6.75%