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Latest Covered Bonds news

  • Spanish supply hoped for as spreads squeeze tighter again

    Spanish and French covered bonds were well supported on Monday with further buying reported following demand seen last week. With only one Spanish Cédulas seen so far this year, the market should be receptive to more supply.

    • 23 Jan 2017
  • LBBW mandates for three year covered in dollars

    LBBW has mandated leads for its first dollar covered bond benchmark of the year. The public sector-backed Reg S transaction is expected to be launched in the near future.

    • 23 Jan 2017
  • Long end in focus as covered bond squeeze feared

    Almost 18% of this year’s expected covered bond supply has now been issued and it seems likely that the pace in the primary market will begin to moderate. With less new supply, there could be more technical squeezes on the way

    • 20 Jan 2017
  • DBS sets out its vision for Singaporean covered bonds

    DBS Bank issued its long-awaited debut euro benchmark this week with a choice of tenor and pricing that worked well for for the Singaporean lender. It may return later this year.

    • 19 Jan 2017
  • Axa issues last covered before programme reboot

    La Banque Postale (LBP) and Axa Bank Europe SCF priced French covered bonds this week. Axa’s may be its last before it restructures its programme.

    • 19 Jan 2017
  • EBRD boosts Slovak covered bonds

    The European Bank for Reconstruction and Development has invested in its first Slovak covered bond and is working with local regulators to update the local covered bond law.

    • 19 Jan 2017
  • Sparebank and Aareal covereds find favour in fives

    Sparebank 1 Boligkreditt and Aareal Bank issued well oversubscribed covered bonds on Wednesday, paying virtually no new issue concession. Both banks took advantage of enduring demand for five year tenors, while for Aareal the issue was cheaper than the European Central Bank’s term liquidity.

    • 18 Jan 2017
  • High fives for covered bonds

    After a glut of long-dated covered bonds in 2016, investors are scrambling to bring the duration of their portfolio down again, and that means five year covered bonds are likely to remain a firm favourite. More issuers should turn down the ECB's TLTRO, and try covered bonds instead.

    • 17 Jan 2017
  • Covered bond label spreads to Canada as RBC joins

    Royal Bank of Canada is set to become the first covered bond issuer in Canada to join the Covered Bond Label initiative.

    • 17 Jan 2017
  • Nordea issues its largest covered in three years, as LBP returns

    Nordea Mortgage Bank (NMB) was set to issue its largest covered bond in three years with a well subscribed order book and a modest concession. At the same time, La Banque Postale returned with its now regular annual covered bond funding.

    • 16 Jan 2017
  • DBS Bank lands long awaited debut euro covered bond

    Singaporean issuer DBS Bank is set to close its first euro covered bond, four months after putting the transaction on hold.

    • 16 Jan 2017
  • Short core covereds bid after ECB removes negative yield floor

    Core and non-eurozone covered bonds in the short to intermediate part of the curve were well supported on Friday after the European Central Bank said it would buy covered bonds with yield below its deposit floor.

    • 13 Jan 2017
  • Covered bond liquidity is starting to matter more

    As many as eight covered bonds were launched across three currencies this week, the vaguely discernible pattern suggesting better interest for the larger deals with intermediate maturities and particularly those from non-eurozone issuers where liquidity is most likely to be better.

    • 12 Jan 2017
  • Norwegian covered bonds set for rating boost

    Norwegian covered bonds could be in line for a ratings bump following implementation of the Bank Recovery and Resolution Directive (BRRD) said Standard and Poor’s. Separately, tighter Norwegian mortgage lending criteria should dampen house price inflation but it still remains unsustainably high, said Fitch.

    • 12 Jan 2017

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Comment

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  • High fives for covered bonds

    After a glut of long-dated covered bonds in 2016, investors are scrambling to bring the duration of their portfolio down again, and that means five year covered bonds are likely to remain a firm favourite. More issuers should turn down the ECB's TLTRO, and try covered bonds instead.

    • 17 Jan 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
  • 17 Jan 2017
1 HSBC 2,397.96 9 4.23%
2 SG Corporate & Investment Banking 2,188.22 8 3.86%
3 LBBW 1,773.99 6 3.13%
4 UBS 1,773.35 6 3.13%
5 BNP Paribas 1,771.98 5 3.12%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 14,170.16 27 10.64%
2 Bank of America Merrill Lynch 11,925.37 24 8.95%
3 Citi 9,905.55 26 7.44%
4 Barclays 8,491.43 14 6.38%
5 Goldman Sachs 7,806.19 24 5.86%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 12,892.79 18 13.58%
2 Bank of America Merrill Lynch 10,724.83 17 11.29%
3 Goldman Sachs 10,674.85 18 11.24%
4 Citi 8,455.71 16 8.90%
5 Barclays 7,531.36 10 7.93%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 2,188.22 8 11.15%
2 LBBW 1,773.99 6 9.04%
3 BNP Paribas 1,422.29 4 7.25%
4 HSBC 1,372.05 4 6.99%
5 UBS 1,350.40 4 6.88%

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
  • 17 Jan 2017
1 Bank of America Merrill Lynch 811.76 5 11.41%
2 Citi 712.63 4 10.01%
3 BNP Paribas 602.64 3 8.47%
4 Credit Agricole CIB 546.86 3 7.68%
5 JPMorgan 436.73 3 6.14%