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Help! Covered bond market cries out for Volcker certainty

Dire predictions of the implications for covered bonds of imminent US legislation may have been overblown, bankers and lawyers have told EuroWeek. They said that the proposed Volcker Rule may not hit covered bond structures that use SPVs, as industry bodies fear.

  • 24 Feb 2012
But in the absence of any certainty, there is utter confusion in the industry. The UK Regulated Covered Bond Council (RCBC) and the American Securitization Forum (ASF) have warned of possible unintended consequences of the Volcker Rule, which is set to come into law on July 21 as ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Oct 2014
1 BNP Paribas 12,326.76 43 0.00%
2 Natixis 12,162.42 46 0.00%
3 UniCredit 11,222.02 81 0.00%
4 HSBC 9,669.94 44 0.00%
5 Commerzbank Group 9,165.23 41 0.00%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Oct 2014
1 Bank of America Merrill Lynch 88,918.35 307 7.22%
2 JPMorgan 83,806.02 336 6.80%
3 Goldman Sachs 76,833.01 316 6.23%
4 Citi 75,200.60 340 6.10%
5 Morgan Stanley 73,704.68 350 5.98%

Bookrunners of Dollar Denominated Covered Bond Above $1bn

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 28 Oct 2014
1 Citi 1,499.34 5 10.74%
2 RBC Capital Markets 1,206.44 4 8.64%
3 TD Securities Inc 977.84 3 7.00%
4 HSBC 673.33 3 4.82%
4 Bank of America Merrill Lynch 673.33 3 4.82%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Oct 2014
1 Deutsche Bank 29,444.29 79 8.78%
2 BNP Paribas 20,739.38 61 6.19%
3 Goldman Sachs 20,571.54 67 6.14%
4 Barclays 19,833.93 74 5.92%
5 SG Corporate & Investment Banking 18,793.45 67 5.61%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Oct 2014
1 BNP Paribas 8,089.51 26 8.42%
2 Natixis 7,730.73 25 8.05%
3 UniCredit 6,347.32 23 6.61%
4 Commerzbank Group 6,095.49 20 6.35%
5 Barclays 5,884.94 18 6.13%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Oct 2014
1 JPMorgan 1,136.60 1248 8.25%
2 Bank of America Merrill Lynch 915.26 1152 6.64%
3 Goldman Sachs 900.52 922 6.54%
4 Deutsche Bank 846.56 1165 6.15%
5 Citi 813.48 1166 5.91%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 28 Oct 2014
1 HSBC 10,466.40 20 5.95%
2 Deutsche Bank 7,370.24 22 4.19%
3 UBS 6,381.44 21 3.63%
4 BNP Paribas 5,705.15 19 3.25%
5 Bank of America Merrill Lynch 5,371.83 21 3.06%