Tight supply and redemptions add to refinancing pressure

Euro benchmark covered bond issuance since August fell by a third compared with the same period last year, but a look at the redemption calendar for this quarter and the first quarter of 2012 shows that funding pressures will not wait for Europe to fix itself. The new ECB purchase programme (see separate story) may help some borrowers plug funding holes, but with only €40bn at its disposal, not all issuers will be able to rely on it for refinancing.

  • 04 Nov 2011
The last public transaction was a modest €500m five year public sector backed trade from UniCredit subsidiary Bank Austria on October 28. Backed entirely by Austrian collateral, it drew strong interest from real money buyers, while offering a higher spread than any German or Austrian deal this year ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 9,047.01 40 6.07%
2 UniCredit 7,481.13 60 5.02%
3 Commerzbank Group 6,931.49 43 4.65%
4 BNP Paribas 6,833.59 30 4.58%
5 LBBW 6,443.14 35 4.32%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 85,620.51 342 7.43%
2 Bank of America Merrill Lynch 76,178.35 284 6.61%
3 Citi 73,677.02 443 6.39%
4 Goldman Sachs 71,002.60 390 6.16%
5 JPMorgan 69,036.78 332 5.99%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 63,091.19 343 10.49%
2 Morgan Stanley 62,364.05 246 10.37%
3 Bank of America Merrill Lynch 62,346.53 240 10.36%
4 JPMorgan 57,293.47 256 9.52%
5 Goldman Sachs 54,069.13 322 8.99%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 5,112.50 20 7.18%
2 LBBW 5,014.64 17 7.04%
3 BNP Paribas 4,566.36 14 6.41%
4 Credit Agricole CIB 4,553.92 17 6.39%
5 Commerzbank Group 4,242.73 17 5.95%

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 Barclays 8,483.95 21 13.67%
2 HSBC 8,067.77 29 13.00%
3 BNP Paribas 4,145.54 22 6.68%
4 Credit Suisse 4,020.83 20 6.48%
5 Citi 3,992.43 32 6.43%