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Latest Covered Bonds news

  • SP Mortgage Bank broadens net catching new covered bond investors

    SP Mortgage Bank’s second covered bond brought in many new investors enabling the transaction to price inside interpolated fair value. With more buyers chasing this name and more trading desks expected to quote it, SP’s curve has a fair chance of repricing tighter.

    • 12:00 PM
  • Investors chase KBC’s covered ‘with fervour’ despite large price revision

    KBC Bank took full advantage of limited Belgian covered bond supply this year to radically tighten pricing for its first deal of the year, only the second Pandbrieven of 2017.

    • 12:45 PM
  • Eurobank to follow NBG with duplicate three year covered bond

    Eurobank Ergasias has mandated leads for a roadshow, marketing a near replica transaction of National Bank of Greece’s (NBG) three year conditional pass-through that was issued last week.

    • 16 Oct 2017
  • MuHyp swipes €250m of super-cheap long Pfandbriefe as SP readies

    Muenchener Hypothekenbank (MuHyp) doubled the size of its 10 year Pfandbrief tap despite pricing it at extremely tight levels, as SP Mortgage Bank announced plans to proceed with its second ever benchmark. Unlike SP's debut last year, the new deal will probably be priced through mid-swaps.

    • 16 Oct 2017
  • Covered bond investors weigh Catalan, Greek and Portuguese risks

    Covered bond investors are stoical on the outlook for Catalonia and prospective asset tapering. But one was less enamoured with deals issued this week by National Bank of Greece and Caixa Económica Montepio Geral.

    • 13 Oct 2017
  • NBG covered bond shows sub-IG future

    National Bank of Greece showed this week that a covered bond does not need to have an investment grade rating to be a success. By implication the product has almost unlimited funding potential for a broad swathe of global issuers, particularly those from the emerging markets, writes Bill Thornhill.

    • 12 Oct 2017
  • KHFC hits covered bond road

    Korea Housing and Finance Corporation (KHFC) has mandated lead managers to arrange a roadshow for an Aa1 rated five year dollar covered bond.

    • 11 Oct 2017
  • NBG covered bond does not include put option

    The National Bank of Greece’s €750m three year conditional pass through (CPT) covered bond does not include an investor put option. Although the programme allows for put options it was not used in this week’s deal and is unlikely to be used in future deals, according to the head of covered bond structuring at UBS which arranged the transaction.

    • 12 Oct 2017
  • Montepio manages mountainous covered demand

    Caixa Económica Montepio Geral this week attracted strong demand for its first covered bond since 2009 and the first ever Portuguese deal with a conditional pass through (CPT) maturity.

    • 09 Oct 2017
  • NBG’s covered bond success does little to diminish Greek grief

    National Bank of Greece’s ability to attract a high oversubscription for its three year covered bond on Tuesday showed it is on the road to recovery. But without sovereign debt relief, the precarious state of Greece’s government finances will continue to blight the economy and its fragile banks.

    • 10 Oct 2017
  • ASB extends covered curve with tightest price yet

    ASB Finance reaped the rewards of a comprehensive roadshow and strong market conditions to issue its tightest and longest covered bond ever this week.

    • 09 Oct 2017
  • Certain covered bonds may not be eligible for LCR, says EBA

    Covered bonds secured against assets that are not compliant with the capital requirements regulation’s (CRR) definition of covered bonds should not be eligible for liquidity coverage ratio (LCR), according to the European Banking Authority (EBA) — a view that is at odds with current market practice and the Commission’s Delegated Act.

    • 02 Oct 2017
  • What could possibly go wrong?

    This week’s slate of covered bonds saw record after record broken — a mania that was evident across the whole FIG sector. With European rates set to remain at their lows throughout next year and the macroeconomic backdrop continuing to improve, it is difficult to see what could spoil the party.

    • 28 Sep 2017
  • SP Mortgage Bank plans covered bond roadshow

    Finnish covered bond issuer SP Mortgage Bank has appointed leads for a roadshow that is scheduled to finish in mid-October. As only two Finnish covered bonds have been issued this year, a warm reception is assured for the rare offering.

    • 29 Sep 2017

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  • NBG’s covered bond success does little to diminish Greek grief

    National Bank of Greece’s ability to attract a high oversubscription for its three year covered bond on Tuesday showed it is on the road to recovery. But without sovereign debt relief, the precarious state of Greece’s government finances will continue to blight the economy and its fragile banks.

    • 10 Oct 2017

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Capital markets data from GlobalCapital


Go to GlobalCapital's FIG data pages for the most up to date information on the global financial institution bond markets. Find our FIG bond comments, FIG league tables by Dealogic and FIG priced deals database.

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 10,366.35 53 6.17%
2 UniCredit 8,290.73 65 4.94%
3 BNP Paribas 7,574.73 35 4.51%
4 LBBW 7,401.08 42 4.41%
5 Commerzbank Group 7,314.58 47 4.35%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 88,272.27 369 6.95%
2 Bank of America Merrill Lynch 82,995.76 326 6.54%
3 Citi 82,424.25 487 6.49%
4 Goldman Sachs 77,417.62 435 6.10%
5 JPMorgan 74,578.61 357 5.88%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 70,640.47 376 10.97%
2 Bank of America Merrill Lynch 66,776.05 274 10.37%
3 Morgan Stanley 64,170.02 266 9.96%
4 JPMorgan 61,807.07 271 9.60%
5 Goldman Sachs 56,662.35 362 8.80%

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 5,543.24 22 6.98%
2 LBBW 5,487.17 19 6.90%
3 BNP Paribas 4,946.20 16 6.22%
4 Credit Agricole CIB 4,748.11 18 5.97%
5 Commerzbank Group 4,389.40 18 5.52%

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 9,144.21 24 13.47%
2 HSBC 8,632.25 34 12.71%
3 BNP Paribas 4,721.16 25 6.95%
4 Citi 4,398.19 35 6.48%
5 Credit Suisse 4,219.22 21 6.21%