vdp sets a common covered bond standard

Recent amendments to Germany’s Pfandbrief Act have stirred the interest of covered bond market participants. Transparency requirements have been fine-tuned to enable like-for-like comparison between different cover pools. New powers have been granted to the cover pool administrator allowing it to issue Pfandbrief in its own right and access central bank funding in the event of an issuer’s insolvency. Onerous third party liquidity arrangements are avoided, ensuring full and timely payment. Jens Tolckmitt, chief executive of The Association of German Pfandbrief Banks (Verband deutscher Pfandbriefbanken — vdp) talked to EuroWeek’s Bill Thornhill about the amendments and how they tie in with the association’s own initiatives.

  • 21 Apr 2011

How have recent changes to the Pfandbrief Act benefited investors?

In the last amendment of the Pfandbrief Act in November 2010 two major changes took effect. One concerns transparency where we worked to improve timeliness of data provision. The second, and more profound change of the law, was with ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 6,375.47 26 6.20%
2 UniCredit 5,399.24 41 5.25%
3 LBBW 5,318.25 24 5.17%
4 Commerzbank Group 5,219.76 31 5.07%
5 BNP Paribas 5,158.04 19 5.01%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Morgan Stanley 139,173.11 554 6.60%
2 JPMorgan 135,505.56 612 6.43%
3 Citi 127,910.15 757 6.07%
4 Goldman Sachs 125,520.43 675 5.95%
5 Bank of America Merrill Lynch 119,876.60 536 5.69%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Apr 2017
1 JPMorgan 104,210.95 417 10.23%
2 Citi 99,111.89 557 9.73%
3 Bank of America Merrill Lynch 94,929.57 429 9.32%
4 Morgan Stanley 89,025.14 390 8.74%
5 Goldman Sachs 85,770.72 496 8.42%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 LBBW 4,341.11 15 7.68%
2 BNP Paribas 4,287.01 13 7.58%
3 SG Corporate & Investment Banking 4,185.05 17 7.40%
4 Credit Agricole CIB 3,637.13 14 6.43%
5 Commerzbank Group 3,172.12 12 5.61%

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
  • 23 May 2017
1 HSBC 5,378.40 21 6.13%
2 Barclays 4,839.18 14 5.52%
3 Credit Suisse 3,558.82 15 4.06%
4 BNP Paribas 3,205.75 15 3.65%
5 Goldman Sachs 2,788.75 18 3.18%