GlobalCapital is the new home for covered bond news and TheCover

Latest Covered Bonds news

  • 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
  • Rabo reveals approach to covered bonds

    Rabobank said on Thursday that its new covered bond programme would be launched in soft bullet format. The bank also plans to shrink its balance sheet with further portfolio sales and securitizations.

    • 16 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
  • International investors flock to Berlin Hyp’s Pfandbrief

    Berlin Hyp issued a well oversubscribed €500m eight year mortgage backed covered bond on Wednesday and attracted exceptional demand from foreign investors, even though the deal was priced tightly.

    • 15 Feb 2017
  • BNP draws robust book for long seven year covered

    BNP Paribas Home Loan SFH made a rare foray into the covered bond market on Wednesday, selling a €500m long seven year deal that was priced well through the French government bond curve.

    • 15 Feb 2017
  • Nord/LB Lux scores solid covered success

    With more than 100 investors in the book and an oversubscription ratio of nearly three times, Nord/LB’s Luxembourg subsidiary enjoyed one of the best receptions of any €500m covered bond seen this year and one that was much better than all its previous deals.

    • 15 Feb 2017
  • Stadshypotek’s tightly priced covered appeals to fewer than usual

    Fewer investors than is normal bought Stadshypotek’s seven year covered bond on Tuesday. However, although the deal had virtually no new issue concession, it was nevertheless well subscribed.

    • 14 Feb 2017
  • OCBC takes Covered Bond Label club to 100

    The Covered Bond Label Foundation (CBLF) granted its 100th label to the covered bond programme of Oversea-Chinese Banking Corporation (OCBC) on Tuesday signalling that the issuer could soon be ready to launch is debut deal.

    • 14 Feb 2017
  • Improved sentiment should spur covered supply

    French government bonds and covered bonds strengthened on Monday providing an improved backdrop for all European issuers this week. But with ‘fat tail’ risk bubbling just below the surface, borrowers are being advised to press ahead with funding plans without delay.

    • 13 Feb 2017
  • BPCE enjoys solid covered reception for juicier seven year

    French covered bond issuer BPCE attracted almost €1.4bn of demand for its seven year as the need to price over OATs conferred a generous new issue premium. But with French covered bonds trading much tighter than OATs in the 10 year tenor there is a growing sense that a new 10 year issue could soon price much tighter than France.

    • 10 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
  • Crédit Agricole covered tap shows RV matters less in 20 year

    Crédit Agricole tapped its 20 year covered bond on Monday at a spread that was almost twice as tight compared to OATs as the original issue. The success of the tap shows that the German insurance firms that bought the increase are focused on other metrics than the cost compared to government bonds.

    • 06 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
  • 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
  • CM-CIC covered starts and finishes well through OATS

    Crédit Mutuel CIC on Tuesday became the first French covered bond borrower to begin and finish pricing at a spread that was markedly through OATs in this part of the curve, but the deal was a smaller size than expected.

    • 31 Jan 2017

Covered Bonds news archive

go to  TheCover's Priced Deals Database
go to  TheCover's Deal Pipeline
go to   Dealogic's League Table Builder
go to  TheCover's Article Archive
go to  Photos from TheCover Awards 2016

Comment

  The GlobalCapital View logo

  • The covered bond squeeze has legs

    Dealers are already running low on covered bond inventory and with this year’s first rush of new issues now done, a squeeze is already starting to get underway.

    • 24 Jan 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
  • 14 Feb 2017
1 HSBC 3,088.32 12 6.80%
2 Commerzbank Group 2,828.25 14 6.23%
3 SG Corporate & Investment Banking 2,728.11 10 6.01%
4 LBBW 2,714.88 12 5.98%
5 Credit Agricole CIB 2,712.14 12 5.97%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Feb 2017
1 Bank of America Merrill Lynch 18,484.12 34 8.89%
2 Morgan Stanley 17,182.07 39 8.27%
3 Goldman Sachs 16,245.61 57 7.82%
4 Citi 12,689.53 50 6.11%
5 Barclays 10,920.76 32 5.25%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Feb 2017
1 Morgan Stanley 14,998.97 26 5.85%
2 Goldman Sachs 13,527.01 45 5.28%
3 Bank of America Merrill Lynch 11,723.73 24 4.57%
4 Citi 10,818.74 34 4.22%
5 Wells Fargo Securities 9,038.73 13 3.53%

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
  • 14 Feb 2017
1 Credit Suisse 2,309.08 6 15.05%
2 Bank of America Merrill Lynch 1,499.19 8 9.77%
3 JPMorgan 1,236.52 7 8.06%
4 HSBC 1,133.72 7 7.39%
5 Credit Agricole CIB 1,034.32 6 6.74%