Market-making is doomed: get used to it

The crisis in covered bond market-making last week has not been repaired by the European Covered Bond Council’s decision to persist with the system this week. The market should realise commitments are failing, and it would be better served with a freer system.

  • 11 Sep 2007

Market-making agreements are a famous selling point of the jumbo covered bond market. Dealers commit to trade the bonds with each other at a fixed bid/offer spread, depending on maturity.

The trouble is, when bad times come and spread widen sharply, banks are unwilling to keep buying covered bonds ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Mar 2017
1 Bank of America Merrill Lynch 10,650.87 23 11.13%
2 Deutsche Bank 8,169.49 17 8.53%
3 HSBC 6,243.46 23 6.52%
4 Citi 4,355.35 13 4.55%
5 SG Corporate & Investment Banking 4,273.37 17 4.46%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Apr 2017
1 JPMorgan 7,281.63 28 8.86%
2 Deutsche Bank 5,994.13 30 7.29%
3 UBS 5,678.69 26 6.91%
4 Citi 4,934.67 35 6.00%
5 Goldman Sachs 4,802.16 24 5.84%