covred bonds news on GlobalCapital

Latest Covered Bonds news

  • Capital Intelligence introduces novel covered bond rating approach

    Covered bond ratings newcomer, Capital Intelligence Ratings (CI), has set out its covered bond rating methodology. Its approach uses the same main credit risk elements as the other agencies, but differs markedly in the way that it brings these elements together, and how it sees cover pool quality.

    • 18 Aug 2017
  • Valiant plans Swiss structured covered bond

    Switzerland’s Valiant Bank is reportedly close to issuing its debut covered bond, with a Swiss franc-denominated issue expected first, possibly followed by a euro benchmark. But the restrictive Swiss covered bond law means the deal will be contractually structured.

    • 17 Aug 2017
  • Commerz hits covereds for second trade

    Commerzbank attracted as much demand and paid an identical new issue premium for its €750m 10 year covered bond issued on Thursday as Münchener 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.

    • 17 Aug 2017
  • Pfandbrief banks scramble to supply long end

    Münchener 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 rise in the run up to the European Central Bank’s meeting on September 7.

    • 16 Aug 2017
  • Buyers await covered bond supply surge ahead of ECB

    Investors expect more core covered bond borrowers to follow Muenchener Hypothekenbank and price deals ahead of the next European Central Bank 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
  • Pan-Baltic covered bond 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
  • ‘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
  • 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • Bank debt investors keep dancing as spreads swing tighter

    Senior and subordinated bank debt spreads have been grinding relentlessly tighter again this week but, with a summer of scant supply ahead, investors can see no clear reason to shed their positions yet.

    • 02 Aug 2017
  • 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
  • Westpac mimics CIBC with outstanding sterling covered bond, more to follow

    Westpac this week followed Canadian Imperial Bank of Commerce in taking advantage of a glut of sterling covered bond liquidity. It issued a sizeable five year sterling covered bond which is expected to provide cheaper funding than the euro or dollar equivalent, boding well for additional supply.

    • 01 Aug 2017
  • EBA warns on ‘absorbability’ of MREL

    The European Banking Authority (EBA) has questioned whether banks will be able to place large quantities of new debt into the capital markets for the minimum requirement for own funds and eligible liabilities (MREL), with issuance volumes set rise in 2018 and 2019.

    • 01 Aug 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
  • Today
1 HSBC 8,472.52 36 6.26%
2 Commerzbank Group 6,830.68 42 5.04%
3 UniCredit 6,825.82 54 5.04%
4 BNP Paribas 6,477.17 27 4.78%
5 LBBW 6,140.56 29 4.53%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 76,734.75 290 7.49%
2 Goldman Sachs 66,762.71 336 6.51%
3 Bank of America Merrill Lynch 66,233.17 243 6.46%
4 Citi 64,509.12 373 6.29%
5 JPMorgan 62,617.38 297 6.11%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 58,376.99 210 10.76%
2 Citi 56,048.85 293 10.33%
3 Bank of America Merrill Lynch 53,331.07 205 9.83%
4 JPMorgan 51,856.81 227 9.56%
5 Goldman Sachs 51,087.97 275 9.42%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 LBBW 5,014.64 17 7.41%
2 SG Corporate & Investment Banking 4,741.46 19 7.01%
3 BNP Paribas 4,566.36 14 6.75%
4 Credit Agricole CIB 4,553.92 17 6.73%
5 Commerzbank Group 4,242.73 17 6.27%

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 HSBC 7,876.41 27 14.03%
2 Barclays 6,735.15 18 12.00%
3 BNP Paribas 3,779.92 18 6.74%
4 Credit Suisse 3,754.01 17 6.69%
5 Citi 3,502.60 28 6.24%