Japan's covered bond movement loses momentum

Plans for the first sale of covered bonds in Japan have hit an impasse, with issuers reluctant to devote resources to developing the new structure while they do not need the funding.

  • 24 Sep 2008

While some borrowers have been considering selling covered bonds backed by public sector assets, they have made little progress. Meanwhile, Shinsei Bank – which was tipped to become the first Japanese bank to sell mortgage-backed covered bonds – has cancelled its own issue twice.

“It’s something which will eventually ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 17,834.38 72 10.56%
2 Citi 16,648.84 65 9.86%
3 HSBC 14,502.17 79 8.59%
4 Deutsche Bank 10,659.15 37 6.31%
5 Standard Chartered Bank 8,423.03 47 4.99%

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2 JPMorgan 4,222.60 16 12.06%
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4 Deutsche Bank 2,957.20 4 8.45%
5 Morgan Stanley 2,629.01 9 7.51%

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1 JPMorgan 7,610.36 27 13.98%
2 Citi 6,685.06 20 12.28%
3 HSBC 4,539.92 22 8.34%
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5 Standard Chartered Bank 3,538.08 13 6.50%

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2 UniCredit 321.12 2 10.91%
3 Raiffeisen Bank International AG 206.29 2 7.01%
3 ING 206.29 2 7.01%
3 Citi 206.29 2 7.01%

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1 AXIS Bank 1,318.15 23 14.27%
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