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Latest Covered Bonds news

  • Covered bond issuers urged to fund without delay as France votes

    French and European periphery covered bond spreads were tighter on Monday following the result of the French presidential election first round vote. Bankers have urged issuers to take advantage of the bounce to secure funding.

    • 24 Apr 2017
  • Deutsche Pfandbriefbank lines up dollar bond

    Deutsche Pfandbriefbank (Pbb) is expected to open order books for a three year Reg S dollar Pfandbrief on Tuesday. Meanwhile, Poland's PKO Hipoteczny has opened order books for zloty denominated five year.

    • 24 Apr 2017
  • Covered research round up: new German issuer; larger Canadian programmes; NordLB downgrades

    The first German building society is poised to enter the Pfandbrief business, two Canadian banks have substantially increased the size of their covered bond programmes and prospective downgrades of NordLB’s covered bonds may not necessarily lead to a spread widening said analysts at Commerzbank, UniCredit and Citi this week.

    • 21 Apr 2017
  • Totta issues its largest and longest covered despite French concerns

    Banco Santander Totta did well to raise €1bn of seven year funding on Thursday at a record level through govies, given the damaging ramifications for peripheral Europe that would follow if France’s far left and far right presidential candidates made it through to the second round of voting.

    • 20 Apr 2017
  • ECBC opposes covered bond regulatory status change

    The European Covered Bond Council has restated its support for the concept of a high quality principle-based covered bond framework and warned against altering the preferential regulatory status of the asset class.

    • 20 Apr 2017
  • Banco Sabadell enjoys rare appearance on squeezed Cédulas scene

    Banco Sabadell enjoyed a strong reception for its €1bn 10 year Cédulas which was priced on Wednesday, partly reflecting the paucity of Spanish covered bond supply, especially at the long end of the curve.

    • 19 Apr 2017
  • BMO sets up RMBS vehicle for breakthrough mortgage deal

    Bank of Montreal has set up a securitization vehicle that could issue its first RMBS deal soon, backed by C$2bn of uninsured prime mortgages, as analysts said new lending rules could spark the emergence of a Canadian private label RMBS market.

    • 18 Apr 2017
  • EBA grants CRR waiver for German Pfandbriefe

    The European Banking Authority (EBA) has approved a partial waiver to the Capital Requirements Regulation (CRR) that allows German covered bond issuers to take exposures to a wider range of counterparties but with a lower minimum rating.

    • 12 Apr 2017
  • UniCredit set to reduce covered collateral with switch to Moody's

    UniCredit is seeking investors’ consent to substitute Fitch with Moody’s as credit rater of its conditional pass through covered bond programme. The latter requires an issuer to provide less collateral for a similar rating.

    • 13 Apr 2017
  • PKO Bank Hipoteczny sets sights on local currency market

    Poland’s largest covered bond issuer and national champion, PKO Bank Hipoteczny, has mandated leads to roadshow a prospective zloty-denominated covered bond benchmark.

    • 13 Apr 2017
  • Covered bonds steady but widening to come

    Covered bond spreads have kept at tight but stable levels despite renewed selling of French and UK covered bonds on Tuesday. However, there is a growing sense that the market must ultimately move wider.

    • 11 Apr 2017
  • Final decision on covered bond harmonisation due in June

    The European Commission is expected to outline plans for a covered bond framework in June, delegates at the European Covered Bond Council’s (ECBC) plenary session heard last week.

    • 10 Apr 2017
  • ECB steps back from CBPP3 but price distortions still evident

    March data from the European Central Bank showed that it has continued to reduce the share of bonds it buys in the secondary market, a trend that has been running since August 2016. Total purchases have also been falling for well over a year, but despite this slow-down, major price distortions continue to exist.

    • 07 Apr 2017
  • Slovakia Všeobecná úverová banka (VUB) set for 10 year sale

    After a successful sale of €250m of seven year covered bonds in January, the Republic of Slovakia’s largest issuer, VUB, is now preparing for a 10 year sale, where it expects to issue €250m covered bonds in an auction on April 20.

    • 07 Apr 2017
  • Covered resilience to house price shock

    The heads of funding at DNB Boligkreditt and Royal Bank of Canada told delegates at this week’s IMN conference that investors are well protected from a potential fall in house prices. UK covered bonds are similarly resilient, said a director at Fitch Ratings. And even in a hard Brexit, the privileged position of covered bonds would be upheld by UK courts, said a partner at Clifford Chance.

    • 06 Apr 2017
  • SR Boligkreditt’s debut dollar covered gets to LCR size

    SR Boligkreditt has issued its first Reg S dollar covered bond, and though the book was slow to build the issuer found enough demand to ensure the deal was eligible for bank liquidity portfolios in the liquidity coverage ratio (LCR).

    • 05 Apr 2017
  • Covered bond bankers upbeat as end of CBPP3 nears

    Delegates attending the 10th annual IMN covered bond conference in London on Tuesday were unperturbed by the possible end of the ECB's covered bond purchase programme (CBPP3).

    • 04 Apr 2017
  • Big TLTRO take-up will hurt covered supply

    A higher-than-expected take-up of the ECB’s final round of Targeted Longer-Term Refinancing Operations (TLTRO II) could hurt supply in covered bonds, with some analysts downgrading their expectations following Thursday’s announcement of the results.

    • 24 Mar 2017

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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

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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
  • 18 Apr 2017
1 HSBC 4,946.45 21 6.58%
2 Commerzbank Group 4,025.24 24 5.36%
3 UniCredit 3,981.56 30 5.30%
4 SG Corporate & Investment Banking 3,839.27 16 5.11%
5 LBBW 3,832.35 17 5.10%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 03 Apr 2017
1 Goldman Sachs 35,449.67 139 7.74%
2 Morgan Stanley 34,987.32 115 7.64%
3 Bank of America Merrill Lynch 28,660.24 106 6.26%
4 JPMorgan 26,590.60 127 5.80%
5 Citi 25,441.59 152 5.55%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 11 Apr 2017
1 Morgan Stanley 28,331.16 93 10.52%
2 Goldman Sachs 27,492.42 121 10.21%
3 Bank of America Merrill Lynch 23,356.59 95 8.67%
4 Citi 23,275.99 129 8.64%
5 JPMorgan 22,925.88 99 8.51%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2017
1 SG Corporate & Investment Banking 3,598.86 14 9.07%
2 LBBW 3,164.12 11 7.98%
3 BNP Paribas 2,664.21 9 6.72%
4 Commerzbank Group 2,654.38 10 6.69%
5 Credit Agricole CIB 2,428.94 10 6.12%

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
  • 11 Apr 2017
1 Credit Suisse 3,180.28 13 10.15%
2 BNP Paribas 2,841.61 13 9.07%
3 Barclays 2,669.79 10 8.52%
4 Citi 2,294.04 17 7.32%
5 HSBC 2,141.36 16 6.83%