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Latest Covered Bonds news

  • ECB defends higher repo costs for extendable maturity covered bonds

    European Central Bank director general of market operations Ulrich Bindseil, said the central bank’s decision to raise repo haircuts for covered bonds with extendable maturities was purely for risk management purposes and should not be interpreted as a judgemental view of the structures.

    • 02 Dec 2016
  • Covered bond issuers eye front loading opportunities

    Covered bond issuers and investors are readying themselves for political volatility in 2017 that will create patchy windows of market activity, according to panellists at the Afme/VDP covered bond conference in Berlin.

    • 02 Dec 2016
  • Dollar covered bonds give pricing advantage to euros for NAB

    National Australia Bank issued its second dollar benchmark of the year and managed to fund at a slightly tighter level than it could have hoped for in euros. However, the more conspicuous funding advantage is in sterling covered bonds

    • 01 Dec 2016
  • Covered bond regulation depends on whose side you are on

    The European Central Bank, European Commission and the European Banking Authority are pulling in different directions when it comes to covered bonds with extendible maturity structures. Time for a bit of harmonisation.

    • 29 Nov 2016
  • Swedbank issues five year sterling covered as demand set to swell

    Swedbank became the third non-UK issuer to launch a sterling covered bond since September, when it launched a rare five year on Wednesday. The high number of UK bank sterling redemptions that are unlikely to be refinanced next year suggests sterling investors will be cash rich and receptive to similar supply.

    • 30 Nov 2016
  • Covered bond funding heads react to the potential end of ECB buying

    The European Central Bank is expected to announce a six month extension of its Covered Bond Purchase Programme when it meets on December 8. However, as the programme may end after that, credit curves could steepen and spreads could widen next year. GlobalCapital spoke to a number of funding officials and other bankers to gauge their views on the topic.

    • 29 Nov 2016
  • CFF stretches covered bond tenors to 30 years

    Compagnie de Financement Foncier’s deputy CEO Olivier Avis, and head of long term funding Paul Dudouit, speak to GlobalCapital about the bank’s funding, the end of the ECB's purchases — and how it has issued some of the longest deals ever seen in covered bonds.

    • 28 Nov 2016
  • EC softens covered bond stance in NSFR

    The European Commission has presented proposals for the treatment of covered bonds which are more favourable than those outlined by the Basel Committee, and may hasten the adoption of soft bullet and conditional pass-through structures.

    • 23 Nov 2016
  • OCBC chooses euros as strategic currency for covered bonds

    Overseas Chinese Banking Corporation will choose euros as its strategic currency of choice for covered bonds, according to chief financial officer, Darren Tan, who spoke to GlobalCapital along with OCBC group’s chief executive officer, Samuel Tsien.

    • 25 Nov 2016
  • OCBC takes Singapore covereds to three

    Oversea-Chinese Banking Corporation has established its $10bn covered bond programme, and with a top rating from both Moody’s and Fitch, it is only a matter of time before the bank issues its first covered bond.

    • 24 Nov 2016
  • Chinese covered bond law would help says Fitch

    Fitch believes the Chinese covered bond market could prove a viable new source of funding for its banks, but suggests that a legal framework would offer a more sustainable approach for the development of the market.

    • 25 Nov 2016
  • Commission eases ‘game over’ rule for repo

    The European Commission’s package of bank regulation measures, released on Wednesday and now dubbed ‘CRD V’, will ease regulations that threatened to mean ‘game over’ for the European repo market.

    • 24 Nov 2016
  • Extendible covered bond structures dominate EBA meeting

    Discussions at the European Banking Authority’s public covered bond hearing on Friday centred on the triggers required to extend soft bullet or conditional pass through covered bonds. Regulators may need to set further conditions for soft bullet bonds issued by specialist banks.

    • 21 Nov 2016
  • EBA sets out the case for covered bond harmonisation

    Covered bond harmonisation is likely to become a more urgent topic for issuers and local regulators after the European Banking Authority published the presentation that it is scheduled to discuss with market participants on Friday.

    • 15 Nov 2016
  • ECB to tighten repo treatment of soft bullet and CPT covered bonds

    The European Central Bank is set to introduce higher repo haircuts for retained covered bonds with soft bullet and conditional pass through maturities, a move that some believe could weaken secondary market spreads. The central bank is also introducing minimum disclosure requirements for covered bond ratings.

    • 03 Nov 2016
  • EMF-ECBC to unveil Energy Efficient Mortgage (EEM) initiative

    The European Mortgage Federation – European Covered Bond Council (EMF-ECBC) will present its Energy Efficient Mortgage initiative at the 22nd conference of parties (COP22) climate summit on November 15 in Marrakech.

    • 08 Nov 2016
  • Caffil finds €500m covered funding in difficult market

    Caffil, the French public sector covered bond borrower, has issued a €500m 15 year public sector Obligations Foncieres. The attractive coupon and concession overcame concerns over the bond’s long tenor, which were heightened following further volatility in the rates market.

    • 23 Nov 2016
  • SP Mortgage Bank's defensive debut covered gets strong reception

    SP Mortgage Bank, the newly established Finnish lender, successfully issued its first covered bond on Tuesday. The defensive five year maturity, which has not been seen from a core European issuer in over five months, went a long way to assuaging investors’ broader market anxieties.

    • 22 Nov 2016
  • Coventry mandates as covered bids disappear

    Coventry Building Society has mandated leads for a roadshow ahead of a possible €500m seven year. The announcement follows further rates volatility and the withdrawal of most bids in the secondary market.

    • 21 Nov 2016
  • Rates volatility keeps covered bond investors sidelined

    Though several core covered bond issuers are monitoring the market, rates volatility is likely to keep many investors sidelined next week, unless deals have convincing new issue premiums and short duration. Peripheral markets are likely to stay closed.

    • 18 Nov 2016

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  • Covered bond regulation depends on whose side you are on

    The European Central Bank, European Commission and the European Banking Authority are pulling in different directions when it comes to covered bonds with extendible maturity structures. Time for a bit of harmonisation.

    • 29 Nov 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.

This now includes all the data from TheCover

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Nov 2016
1 UBS 12,062.01 77 5.88%
2 HSBC 11,342.38 64 5.53%
3 BNP Paribas 10,550.01 50 5.15%
4 Credit Agricole CIB 9,998.56 48 4.88%
5 Commerzbank Group 9,638.54 59 4.70%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92,977.13 409 6.84%
2 Citi 84,983.27 488 6.25%
3 Morgan Stanley 79,079.95 348 5.81%
4 Goldman Sachs 77,314.51 403 5.68%
5 Bank of America Merrill Lynch 74,413.02 367 5.47%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Nov 2016
1 JPMorgan 70,521.42 284 10.61%
2 Citi 65,631.80 376 9.88%
3 Bank of America Merrill Lynch 61,658.19 304 9.28%
4 Morgan Stanley 55,604.03 259 8.37%
5 Goldman Sachs 51,285.24 305 7.72%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Nov 2016
1 Credit Agricole CIB 8,361.81 30 8.01%
2 BNP Paribas 7,357.30 28 7.04%
3 UBS 6,976.66 25 6.68%
4 UniCredit 6,176.37 25 5.91%
5 LBBW 5,995.79 23 5.74%

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
  • 29 Nov 2016
1 HSBC 7,856.87 22 10.67%
2 UBS 6,893.97 28 9.36%
3 BNP Paribas 6,662.83 23 9.05%
4 Barclays 5,547.64 17 7.53%
5 Citi 4,814.05 25 6.54%