Cédulas come under ratings knife as downgrades mount

Public sector backed cédulas became the latest victim of sweeping rating cuts on Thursday as Moody’s took negative action on 10 programmes after cutting the Spanish sovereign on Monday. Though secondary spreads have held, there are regulatory implications to the downgrades, and the investor base could shrink as bonds fall below triple-A.

  • 21 Oct 2011

The cuts bring the total number of negative rating actions taken on covered bonds in the last six weeks to around 40, according to Deutsche Bank analysts.

Moody’s cut eight Spanish public sector backed covered bond programmes on Thursday, and placed a further two on review for downgrade. The ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 9,196.65 41 5.99%
2 UniCredit 7,570.25 62 4.93%
3 Commerzbank Group 6,961.50 44 4.53%
4 BNP Paribas 6,833.59 30 4.45%
5 LBBW 6,799.87 38 4.43%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 87,141.20 354 7.38%
2 Bank of America Merrill Lynch 77,072.36 291 6.52%
3 Citi 74,500.48 457 6.31%
4 Goldman Sachs 74,364.46 394 6.29%
5 JPMorgan 70,116.95 339 5.93%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 63,366.76 350 10.44%
2 Morgan Stanley 63,226.50 254 10.42%
3 Bank of America Merrill Lynch 63,090.92 246 10.39%
4 JPMorgan 58,108.98 259 9.57%
5 Goldman Sachs 54,070.01 323 8.91%

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 5,349.05 21 7.30%
2 LBBW 5,191.72 18 7.08%
3 BNP Paribas 4,566.36 14 6.23%
4 Credit Agricole CIB 4,553.92 17 6.21%
5 Commerzbank Group 4,242.73 17 5.79%

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 8,682.34 22 13.73%
2 HSBC 8,067.77 29 12.75%
3 BNP Paribas 4,343.93 23 6.87%
4 Credit Suisse 4,219.22 21 6.67%
5 Citi 4,059.10 33 6.42%