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Latest Covered Bonds news

  • VDP’s Hagen speaks out

    The VDP’s newly appointed president, Dr Louis Hagen, has some strong, clear cut views on a wide range of topics affecting both the Pfandbrief and covered bond markets. He talks to The Cover about the implications of Brexit, covered bond supervision in the banking union, the Net Stable Funding Ratio, the leverage ratio, soft bullet extensions and harmonisation.

    • 21 Jul 2016
  • The Cover moves to GlobalCapital

    The Cover and GlobalCapital are joining forces. From the start of next week, The Cover’s new home page will be in the FIG section of GlobalCapital, and your daily email alerts will come from GC.

    • 29 Jul 2016
  • RBNZ considers tightening mortgage lending rules

    The Reserve Bank of New Zealand (RBNZ) has set out new proposals aimed at cooling house price inflation, which it says has become increasingly disconnected from household incomes.

    • 29 Jul 2016
  • ECB struggles to find bonds

    The low level of liquidity in the secondary covered bond market is being reflected by European Central Bank data, which shows daily purchases have fallen to one of the lowest levels since its programme begun.

    • 28 Jul 2016
  • Non-European supply keeps covered bond volumes up

    After a decade of growth, the global covered bond market has shrunk in the last two years, but steep falls in European supply have almost been matched by growth in other markets.

    • 28 Jul 2016
  • Supply shortage to support UK and periphery

    After widening substantially in the run-up to the UK referendum on EU membership, UK covered bonds have now found a base with dealers reporting better buying and analysts recommending overweight positions. Spreads should remain supported, along with those in peripheral Europe, as supply is likely to be very limited over the remainder of this year.

    • 28 Jul 2016
  • GE Money Bank lands first French RMBS deal in a year

    GE Money Bank in France on Friday offered up extra spread on the subordinate tranche of its €850m French RMBS deal, the first publicly placed deal in the asset class since July 2015.

    • 27 Jul 2016
  • Glimmer of hope for ABS after UK RMBS restarts

    Reviving the UK RMBS market in the aftermath of the country’s vote to leave the European Union is seen as key to maintaining issuance levels in European ABS – but despite steady secondary trading and a market reopening deal, it is far from clear that this is possible.

    • 27 Jul 2016
  • Summer setting in but long end proves popular in FIG

    Investors showed their hunger for new paper in the long end of the curve this week despite being two weeks past Bastille Day — the traditional point at which FIG market activity slows for summer.

    • 27 Jul 2016
  • Non-ECB eligible bonds bid

    Covered bonds not eligible for the European Central Bank’s covered bond programme (CBPP3) have been sought after in the secondary market, largely reflecting the fact that offers for CBPP3-eligible paper have become almost impossible to find.

    • 26 Jul 2016
  • MAR creates confusion in covereds

    The Market Abuse Regulation (MAR), which came into effect this month, is open to many different interpretations, undermines deal execution certainty and complicates the flow of information.

    • 25 Jul 2016
  • Slovak law change could help spur supply

    The Slovak covered bond market is too restrictive to provide proper funding but Moody’s expects the country’s covered bond law to be changed in the near future, which should gradually pave the way towards greater covered bond supply.

    • 22 Jul 2016
  • Clydesdale RMBS hits triple digits

    Clydesdale Bank reopened the UK RMBS market with the first deal following the UK referendum and paid double the spread of its previous deal. GE Money Bank in France is expected to finalise its RMBS on Friday.

    • 22 Jul 2016
  • CIBC goes negative in covered bonds

    Canadian Imperial Bank of Commerce this week priced the first negative yielding non-Eurozone covered bond, with a well oversubscribed order book and a tiny new issue concession.

    • 21 Jul 2016
  • CBA’s rare 10 year enjoys stellar bid

    Commonwealth Bank of Australia drew more demand than any other euro denominated Australian covered bond in over three years when it issued a €1.25bn 10 year this week.

    • 21 Jul 2016
  • Turkish banks well capitalised, despite rating woes

    The covered bond programmes of six Turkish banks were put on review for downgrade by Moody’s on Thursday just as the only mortgage backed deal issued by Vakifbank widened further. Despite that, Batuhan Tufan, head of financial institutions at Garanti Bank, says Turkish banks are well capitalised and until now the economy had been in a strong position.

    • 21 Jul 2016
  • CBA covered bond gets highest subscription in three years

    Commonwealth Bank of Australia issued a €1.25bn 10 year on Wednesday, attracting the highest level of oversubscription for any Australian issuer in euros in more than three years.

    • 20 Jul 2016
  • Negative yielding covered bonds come of age

    The floodgates to negative yielding covered bonds have taken four months to properly open, but with two such deals seen in less than a week, many should now follow.

    • 19 Jul 2016
  • SFIL originates first export finance loan for Caffil

    The parent company of Caffil, the French public sector covered bond issuer, has finalised the first loan under its newly established export credit finance business. The Cover spoke to Caffil’s head of treasury and financial markets, Sami Gotrane, about the issuer’s prospective plans in the export finance business.

    • 19 Jul 2016
  • Desperate investors grab WL’s yield while they still can

    WL Bank enjoyed strong demand for its €250m 10 year covered bond tap on Tuesday, an increase that managed to provide investors with a positive yield. But with spreads in the secondary market tightening again on no flow, the positive yielding universe was quickly disappearing.

    • 19 Jul 2016

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  The GlobalCapital View logo

  • Negative yielding covered bonds come of age

    The floodgates to negative yielding covered bonds have taken four months to properly open, but with two such deals seen in less than a week, many should now follow.

    • 19 Jul 2016

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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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Covered Bonds League Table Builder

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Jul 2016
1 HSBC 9,097.35 50 2.97%
2 UBS 9,075.57 52 2.96%
3 Credit Agricole CIB 8,176.21 37 2.67%
4 Landesbank Baden-Wuerttemberg - LBBW 7,963.90 45 2.60%
5 Commerzbank Group 7,644.36 44 2.49%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2016
1 JPMorgan 57,241.61 243 6.71%
2 Citi 51,142.49 279 6.00%
3 Goldman Sachs 50,623.07 232 5.94%
4 Morgan Stanley 47,985.75 206 5.63%
5 HSBC 46,813.97 197 5.49%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Jul 2016
1 JPMorgan 45,037.97 168 10.75%
2 Citi 41,789.37 210 9.98%
3 Bank of America Merrill Lynch 39,178.97 184 9.35%
4 Wells Fargo Securities 35,649.15 155 8.51%
5 Morgan Stanley 35,078.35 155 8.38%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Jul 2016
1 Credit Agricole CIB 7,016.13 25 8.37%
2 UBS 5,981.15 20 7.13%
3 BNP Paribas 5,603.49 21 6.68%
4 Landesbank Baden-Wuerttemberg - LBBW 5,485.15 21 6.54%
5 Commerzbank Group 4,873.19 20 5.81%

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
  • 26 Jul 2016
1 HSBC 5,625.84 17 12.59%
2 BNP Paribas 5,033.74 15 11.26%
3 UBS 3,892.79 17 8.71%
4 Barclays 2,454.68 7 5.49%
5 Goldman Sachs 2,453.63 14 5.49%