covred bonds news on GlobalCapital

Latest Covered Bonds news

  • 'Little reason to wait' after BRFkredit gives investors taste of non-EZ

    BRFkredit was more than twice oversubscribed for a €500m short seven year covered bond on Wednesday, in what could be an important deal in kicking off a flurry of issuance at the end of August.

    • 01:30 PM
  • Investors desperate for supply after summer squeeze in FIG

    A lack of supply in the summer months has helped to extend an already impressive rally in the bank bond market, leaving cash-rich investors hungry for a wave of new supply.

    • 11:00 AM
  • WL Bank joins Pfandbrief flurry with tightly priced 10 year

    Germany’s WL Bank left little on the table when selling a 10 year mortgage Pfandbrief on Tuesday, following the example of recent trades from Commerzbank and Münchener Hypothekenbank (MuHyp) and setting a final price very close to fair value.

    • 22 Aug 2017
  • Covered bond harmonisation: an exercise in moral suasion

    The practical application of covered bond harmonisation is too challenging to implement and the process may ultimately not amount to much more than an exercise in moral suasion.

    • 22 Aug 2017
  • FIG supply restart is ‘all about next week’

    Though there is still scope for the financial institutions bond market to start creeping back to life this week, participants think they will have to wait until September before new issuance volumes really start to perk up.

    • 21 Aug 2017
  • Rabo’s Baars doesn’t rule out 2017 covered bond return

    Rabobank’s global head of long term funding, Sjaak-Jan Baars speaks to GlobalCapital about the benefits of covered bond funding, the bank’s expected frequency in the market, the outlook for spreads and prospects for green bonds.

    • 20 Aug 2017
  • 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 of the week

    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

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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 6.23%
2 Commerzbank Group 6,830.68 42 5.02%
3 UniCredit 6,825.82 54 5.02%
4 BNP Paribas 6,477.17 27 4.76%
5 LBBW 6,164.20 30 4.53%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 76,735.74 292 7.46%
2 Goldman Sachs 66,779.36 341 6.49%
3 Bank of America Merrill Lynch 66,233.82 244 6.44%
4 Citi 64,774.47 386 6.30%
5 JPMorgan 62,619.72 299 6.09%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 58,377.98 212 10.75%
2 Citi 56,078.22 301 10.33%
3 Bank of America Merrill Lynch 53,331.73 206 9.82%
4 JPMorgan 51,859.15 229 9.55%
5 Goldman Sachs 51,104.62 280 9.41%

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%