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Latest Covered Bonds news

  • Lift-off for TSB’s covered bond programme

    TSB Bank has received regulatory approval and a rating for its £5bn residential mortgage-backed covered bond programme, the first new programme from a UK issuer since 2011.

    • 01:00 PM
  • OCBC mandates as senior rally lowers covered supply hopes

    Oversea-Chinese Banking Corporation (OCBC) has mandated leads to roadshow its debut covered bond. The announcement comes ahead of what is expected to be a relatively quiet week ahead reflecting German holidays and improved funding conditions for senior unsecured.

    • 24 Feb 2017
  • UOB issues first covered in dual-currency

    United Overseas Bank this week became the first issuer to price covered bonds simultaneously in euros and dollars, helping it to attract new, especially Asian, investors.

    • 23 Feb 2017
  • LBBW and WL set new covered spread record for 2017

    Landesbank Baden-Württemberg and WL Bank successively priced the tightest covered bonds of the year this week and both were able to tighten pricing to a greater extent than any previous German issuer.

    • 23 Feb 2017
  • Santander takes the helm in covered bond trading

    GlobalCapital interviews covered bond traders, Jonas Klink and Jordi Cabero, to try and find out how after only three years, Santander has become a dominant force on the Street.

    • 23 Feb 2017
  • Small is beautiful for Natixis Pfandbriefbank

    Natixis Pfandbriefbank raised five year funding through its German subsidiary on Thursday and paid a more attractive concession than usual because of the deal’s sub-benchmark size. Despite perceived illiquidity, bid-offer spreads for sub-benchmark bonds are not much different to benchmark deals several weeks after launch, according to Citi research analysts.

    • 23 Feb 2017
  • Bank of England to grill banks on climate risks

    The Bank of England plans to start later this year examining more closely the banking sector’s exposure to risk from climate change. That means banks will have to start telling the regulator more about the risks they face and how they manage them.

    • 23 Feb 2017
  • Green mortgages can grow without regulatory help

    Proponents of “green mortgage loans”, lent against energy efficient homes, argue they are less likely to default and deserve a lower risk weighting than conventional mortgage lending. But it’s a long shot, and there are plenty of other ways to promote the market.

    • 21 Feb 2017
  • Industry calls for better treatment on green collateral

    Loans backed by energy efficient buildings could be less risky than conventional mortgages, and should receive better regulatory treatment, according to participants at the European Mortgage Federation-European Covered Bond Council’s (EMF-ECBC) stakeholder meeting held in Brussels on Thursday.

    • 17 Feb 2017
  • CIF gets CRR compliant and removes RMBS from pool

    CIF Euromortgage has completed the restructuring of its covered bond programme, to comply with recent amendments to the French covered bond law, remove RMBS from the cover pool and make its bonds comply with Capital Requirement Regulation (CRR).

    • 22 Feb 2017
  • Swedish MREL framework demands subordination, favours senior non-pref

    The Swedish National Debt Office (SNDO) promoted non-preferred debt as a way for Swedish banks to meet the minimum requirement for own funds and eligible liabilities (MREL) on Thursday, establishing a favourable method for calculating the requirement and a manageable timeline for its implementation.

    • 23 Feb 2017
  • OBG outlook questioned as Renzi relinquishes PD leadership

    Technical factors have strongly supported the Obbligazioni Bancarie Garantite (OBG) market, but the resignation of former Italian prime minister, Matteo Renzi, from leadership of the ruling Democratic Party (PD) may hurt the market over the next few months.

    • 20 Feb 2017
  • Election jitters start to send French covered bonds into disarray

    The relentless rise in French government bond yields this year has started to disrupt demand for French covered bonds, a trend which will hold until at least May when the country’s presidential elections are over.

    • 02 Feb 2017
  • Nationwide halves spread in covereds post-Brexit

    Nationwide Building Society this week issued its first euro benchmark covered bond since the UK’s referendum on leaving Europe and managed to find funding that was two years longer and half the spread of its last deal in February 2016. But it was unable to issue a 15 year.

    • 16 Feb 2017
  • NSFR may spur innovation in covered bonds

    Proposals for the treatment of covered bonds in the net stable funding ratio (NSFR) could spur structural innovation, may incentivise issuers to manage collateral more efficiently and, according to Fitch, could spur secondary market trading.

    • 09 Feb 2017
  • Brazil consults on covered bond legislative draft

    Following the publication of primary covered bond legislation two years ago, Brazil’s central bank this week launched a public consultation on draft secondary covered bond legislation.

    • 01 Feb 2017

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Comment

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  • Green mortgages can grow without regulatory help

    Proponents of “green mortgage loans”, lent against energy efficient homes, argue they are less likely to default and deserve a lower risk weighting than conventional mortgage lending. But it’s a long shot, and there are plenty of other ways to promote the market.

    • 21 Feb 2017

more comment

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
  • 21 Feb 2017
1 HSBC 3,457.35 14 6.94%
2 Commerzbank Group 3,383.90 18 6.79%
3 SG Corporate & Investment Banking 3,124.37 12 6.27%
4 LBBW 2,926.97 13 5.88%
5 Credit Agricole CIB 2,712.14 12 5.44%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 23,952.72 55 9.10%
2 Goldman Sachs 21,593.65 74 8.21%
3 Bank of America Merrill Lynch 20,302.83 44 7.72%
4 JPMorgan 15,324.04 56 5.82%
5 Citi 14,173.41 67 5.39%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Feb 2017
1 Morgan Stanley 19,148.59 31 13.10%
2 Goldman Sachs 17,229.26 50 11.79%
3 Bank of America Merrill Lynch 12,479.68 27 8.54%
4 JPMorgan 11,287.70 33 7.72%
5 Citi 11,280.58 39 7.72%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Feb 2017
1 SG Corporate & Investment Banking 2,728.11 10 5.02%
2 LBBW 2,154.63 7 3.97%
3 Commerzbank Group 2,105.32 7 3.88%
4 Credit Agricole CIB 1,987.58 8 3.66%
5 HSBC 1,572.51 5 2.90%

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
  • 21 Feb 2017
1 Credit Suisse 2,309.08 6 7.45%
2 Bank of America Merrill Lynch 1,499.19 8 4.84%
3 JPMorgan 1,236.52 7 3.99%
4 HSBC 1,133.72 7 3.66%
5 Credit Agricole CIB 1,034.32 6 3.34%