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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
  • 23 Jun 2015
1 Natixis 7,159.59 40 6.39%
2 HSBC 6,359.64 32 5.68%
3 RBC Capital Markets 6,014.85 19 5.37%
4 BNP Paribas 5,494.13 24 4.91%
5 UBS 5,410.70 34 4.83%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 53,618.81 232 7.24%
2 Citi 50,052.54 251 6.76%
3 Goldman Sachs 46,278.19 195 6.25%
4 Bank of America Merrill Lynch 45,644.75 191 6.17%
5 Morgan Stanley 42,981.75 190 5.81%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Jun 2015
1 Deutsche Bank 14,022.71 47 8.07%
2 Goldman Sachs 12,391.16 32 7.14%
3 UBS 10,782.15 24 6.21%
4 Credit Agricole CIB 9,053.81 24 5.21%
5 BNP Paribas 8,831.01 27 5.09%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Jun 2015
1 Natixis 4,491.06 21 8.55%
2 BNP Paribas 4,381.40 16 8.34%
3 HSBC 3,409.93 15 6.49%
4 Credit Agricole CIB 3,153.33 14 6.00%
5 Commerzbank Group 2,806.43 13 5.34%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 574.23 518 7.29%
2 JPMorgan 513.94 776 6.53%
3 Citi 463.97 768 5.89%
4 Morgan Stanley 452.23 839 5.74%
5 Bank of America Merrill Lynch 436.45 734 5.54%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 23 Jun 2015
1 Deutsche Bank 5,343.96 16 11.58%
2 Credit Agricole CIB 4,884.74 6 10.59%
3 UBS 4,740.14 6 10.27%
4 BNP Paribas 3,486.09 11 7.56%
5 HSBC 3,395.89 8 7.36%