covred bonds news on GlobalCapital

Latest Covered Bonds news

  • Valiant Bank AG plans Swiss structured covered bond

    Switzerland’s Valiant Bank is understood to be planning its debut covered bond, with a Swiss franc-denominated issue expected first, which could be followed by euros. The restrictive Swiss covered bond law means the deal will be a contractually structured issue.

    • 02:30 PM
  • Commerzbank and Muhyp show covered bonds are back in business

    Commerzbank attracted as much demand and paid an identical new issue premium for its €750m 10 year covered bond issued on Thursday as Muenchener Hypothekenbank (MuHyp) did for its €750m nine year launched a day before. The two transactions show that the summer lull is over and the covered bond market is back in business.

    • 01:15 PM
  • Pfandbrief issuers scramble to supply long end

    Muenchener Hypothekenbank issued a tightly priced nine year Pfandbrief on Wednesday, just as Commerzbank mandated leads for a 10 year. The deals are likely to be followed by others from core Europe and especially from borrowers looking to fund at the long end, where execution risks may become elevated in the run up to the European Central Bank’s meeting on September 7.

    • 16 Aug 2017
  • MuHyp Pfandbrief to break summer slumber

    Muenchener Hypothekenbank (MuHyp) managed to pull its Munich-based lead managers away from their beer gardens and swimming pools on Tuesday to announce a Pfandbrief mandate, though somewhat late in the day.

    • 15 Aug 2017
  • ‘Fire and fury’ comments improve Pfandbriefe value

    Covered bond spreads were marginally cheaper to Bunds across the board on Friday after a flight to safety caused German government bonds to rally. The move should bode well for the many issuers that will need to refinance maturing Pfandbriefe in the next few weeks.

    • 11 Aug 2017
  • Pan-Baltic covered bond and securitization law in the works

    The finance ministries of Lithuania, Latvia and Estonia are joining forces under the auspices of the European Commission (EC) to develop pan-Baltic covered bond and securitization legal frameworks.

    • 14 Aug 2017
  • NBG among banks plotting Greek covered bond return

    National Bank of Greece (NBG) and another Greek issuer have confirmed they are looking at issuing the first Greek covered bonds since the sovereign debt crisis, reports Bill Thornhill.

    • 10 Aug 2017
  • Canadian covered bonds and the new resolution framework

    GlobalCapital speaks to Wojtek Niebrzydowski, vice president, treasury, at Canadian Imperial Bank of Commerce about the implications for Canadian covered bonds under the country’s newly proposed resolution regime and ask what SEC Reg AB rule revisions mean for SEC-registered covered bond programmes.

    • 09 Aug 2017
  • SEC Canadian covered bonds fall foul of Reg AB

    Canadian SEC-registered covered bond borrowers are expected to switch back to issuing under 144A/Reg S documentation after amendments to an existing regulation made SEC registration more onerous.

    • 07 Aug 2017
  • Issuers cool on pre-funding despite rising spreads to come

    The European Banking Authority (EBA) expects to see a rise in covered bond supply and most market participants anticipate a spread widening, but bankers do not expect issuers to produce a wave of covered bond pre-funding.

    • 08 Aug 2017
  • Covered bond awards 2017: Poll now open, shortlists and nominations

    The Cover and GlobalCapital’s covered bond awards are now open. The following lists show the number of shortlist nominations and those that were actually shortlisted.

    • 14 Jul 2017
  • DCM view: Covered bonds and bank capital braced for dovish taper

    Rates could be hiked before the end of quantitative easing, it is reasonable to expect some Spanish covered bonds to trade in line with some in France, and although additional tier one is expensive to equities there is a sound structural reason for this. Derry Hubbard, global co-head of debt capital markets at Danske Bank, speaks to GlobalCapital about these topics and more.

    • 04 Aug 2017
  • EBA: rise in asset encumbrance is not a concern

    The European Banking Authority said this week that it is not overly concerned by an increase in banks' asset encumbrance last year and a rise in covered bond encumbrance for the third successive year.

    • 03 Aug 2017
  • Czech covered law update to spur supply

    The Czech Republic has proposed several legal amendments that will bring its existing covered bond regime into line with the European Banking Authority’s best practice guidelines and which, along with similar moves in Slovakia, will help catalyse new covered bond supply from the region.

    • 02 Aug 2017
  • Akbank issues debut green covered bond to EIB

    Akbank has sold its first mortgage-backed covered bond. The deal, which will fund green projects, was privately placed with the European Investment Bank.

    • 02 Aug 2017
  • Halkbank joins Turkish covered bond ranks

    Türkiye Halk Bankasi (Halkbank), the Turkish state-owned lender, has confirmed that it plans to issue mortgage-backed covered bonds. It joins seven Turkish lenders that have rated covered bond programmes in place.

    • 25 Jul 2017
  • Garanti preps for euro covereds after green success

    After selling a green mortgage-backed covered bond to the International Financial Corporation and the European Bank for Reconstruction and Development (EBRD), Garanti Bank expects to sell its first publicly syndicated euro benchmark.

    • 20 Jul 2017
  • Investor view: A further rise in Bund yields may spur switching out of covereds into govvies

    Jozef Prokes, fixed income portfolio manager at BlackRock talks to GlobalCapital about the outlook for yields, swaps and the relationship between covered bonds and senior spreads.

    • 31 Jul 2017
  • Investor view: Short peripheral covered bond spreads are well protected, long less so

    Arnaud-Guilhem Lamy, portfolio manager and head of covered bonds at BNP Paribas Asset Management, speaks to GlobalCapital about the outlook for covered bond spreads, monetary policy and the market’s interaction with senior preferred and non-preferred.

    • 28 Jul 2017
  • Credit differentiation is back

    Greece’s return to the capital markets this week was cause for celebration, but the irony is that five years after committing to do "whatever it takes" the European Central Bank is now poised to normalise monetary policy — which means investors must start pricing for risk.

    • 27 Jul 2017
  • ECB tightens liquidity terms for covereds

    The covered bonds issued by European banks that are being wound down are no longer eligible for the covered bond purchase programme (CBPP3) and wind down entities will not be eligible for repo funding from 2022. The measures dovetail with others that will hit covered bonds with extendable maturities, in addition to those retained for repo purposes.

    • 27 Jul 2017
  • Covered bond yield curve steepening on the way

    Rates volatility is expected to continue and, with the long end being disproportionately affected, DZ analysts are urging investors to shorten duration.

    • 26 Jul 2017
  • European Parliament ratifies way to covered harmony

    The European Parliament has approved a report that favours a principles-based approach to harmonising features of the European covered bond market.

    • 04 Jul 2017

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Comment

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  • New ECB repo rules increase covered bond extension risk

    The European Central Bank’s decision to curtail wind down entities' access to repo liquidity materially increases the risk of a covered bond maturity extension or default, and is not consistent with its mission as lender of last resort or its previously benign approach to the asset class.

    • 01 Aug 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.

This now includes all the data from TheCover

Covered Bonds Priced Deals database

Covered Bonds pipeline 

Covered Bonds League Table Builder

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 HSBC 8,472.52 36 6.37%
2 Commerzbank Group 6,654.93 41 5.00%
3 BNP Paribas 6,477.17 27 4.87%
4 UniCredit 6,430.25 52 4.84%
5 LBBW 6,140.56 29 4.62%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Aug 2017
1 Morgan Stanley 75,952.72 282 7.54%
2 Goldman Sachs 66,497.12 334 6.61%
3 Bank of America Merrill Lynch 65,883.47 240 6.54%
4 Citi 63,534.14 368 6.31%
5 JPMorgan 61,805.38 292 6.14%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 Morgan Stanley 57,872.19 205 10.77%
2 Citi 55,692.96 290 10.36%
3 Bank of America Merrill Lynch 53,031.38 203 9.87%
4 JPMorgan 51,094.81 223 9.51%
5 Goldman Sachs 51,087.97 275 9.50%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 LBBW 5,014.64 17 7.61%
2 SG Corporate & Investment Banking 4,741.46 19 7.19%
3 BNP Paribas 4,566.36 14 6.93%
4 Credit Agricole CIB 4,553.92 17 6.91%
5 Commerzbank Group 4,066.97 16 6.17%

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
  • 15 Aug 2017
1 JPMorgan 1,146.87 54 26.19%
2 Citi 623.93 16 14.25%
3 TD Securities Inc 524.39 8 11.98%
4 Deutsche Bank 499.78 5 11.41%
5 Nomura 360.08 7 8.22%