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FIGCovered Bonds

Hats off to this year’s Covered Bond Awards winners and runners up

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Almost 650 people responded to this year's poll, showing that GlobalCapital's Covered Bond Awards are a recognition of achievement by the market

Please view full video presentation HERE.

More than 70 active borrowers and over 100 investors, responsible for buying more than €70bn covered bonds in the past 12 months, voted in this year's poll.

With a strong endorsement from issuers and investors, this year’s Covered Bond House of the Year is LBBW, which won by a convincing margin of 26 percentage points over the next best bank.

Best Syndicate Bank was a much closer call, with BNP Paribas just pipping Crédit Agricole to the post.

HSBC worked on most sterling and dollar covered bonds in the awards period and deservedly won Best Non-euro Lead manager by a convincing margin.

Crédit Agricole was investors', issuers' and dealers' clear choice for Best Bank for ESG Issuers. It was a much closer call for Erste Group which was voted Best Bank for Inaugural Issuers.

With a strong endorsement from lead managers and issuers, this year’s Covered Bond Investor of the Year was Nordea Investment Management.

With more than a third of the vote, a leading position among all three voting constituencies, and a string of highly successful trades under its belt — including a €1.5bn 0.125% December 2030 — there could be no doubt about BPCE's victories as Issuer of the Year and Best Euro Deal of the Year.

Likewise, DZ Hyp’s series of euro success stories earned it the title of Best Euro Issuer. And, with over 40% of the vote, Berlin Hyp convincingly won Best ESG Issuer.

DNB Boligkreditt won both Deal of the Year and Best ESG Deal, while Canadian Imperial Bank of Commerce’s stunning $2bn August 2026 was the winner of Best Non-euro Deal.

Congratulations to Komercni Banka which won Best Debut Deal for its €500m January 2026 and NN Bank which won Best Pioneering Deal for its €500m September 2035.







Deal Awards

Bank

Deal

Vote

Best Pioneering Deal

NN Bank

€500m 0.05% September 2035

30%

Second

Bank of Nova Scotia

£1.3bn June 2026 FRN

19%

Third

KHFC

€1bn 0.,01% June 2026

18%

Best ESG Deal

DNB Boligkreditt

€1.5bn 0.01% January 2031

31%

Second

BPCE

€1.5bn 0.01% December 2030

21%

Third

Sparebank 1 Boligkreditt

€1bn 0.01% September 2027

18%

Best Debut Deal

Komercni Banka

€500m 0.01% January 2026

32%

Second

Sumitomo Mitsui Trust

€850m 0.01% October 2027

22%

Third

Argenta Sparebank

€500m 0.01% February 2031

19%

Best Non-euro Deal

Canadian Imperial Bank of Commerce

$2bn 0.15% August 2026

28%

Second

Deutsche Pfandbriefbank

£500m April 2024

21%

Third

Bank of Nova Scotia

£1.3bn June 2026 FRN

19%

Best Euro Deal    

BPCE

€1.5bn 0.125% December 2030

33%

Second

Caffil

€1.5bn 0.01% February 2028

30%

Third

UOB

€1bn 0.01% December 2027

20%

Deal of the Year

DNB

€1.5bn 0.01% January 2031

37%

Second

BPCE

€1.5bn 0.125% December 2030

22%

Third

Canadian Imperial Bank of Commerce

$2bn 0.15% August 2026

20%

Issuer Awards

Best ESG Issuer

Berlin Hyp

41%

Second

Sparebank 1 Boligkreditt

20%

Third

Creédit Agricole

19%

Best Euro Issuer

DZ Hyp

28%

Second

Muenchener Hyp

26%

Third

BPCE

24%

Issuer of the Year

BPCE

36%

Second

UniCredit

25%

Third

CIBC

18%

Investor of the Year

Nordea IM

33%

Second

Commerzbank Treasury

26%

Third

Allianz

16%

Lead Manager Awards

Best Research

Crédit Agricole

43%

Second

Commerzbank

15%

Third

NordLB

7%

Best Liquidity Provider

JP Morgan

31%

Second

Santander

14%

Third =

BNP Paribas / Citi

9%

Best Bank for Distribution

LBBW

32%

Second

DZ Bank

28%

Third

NordLB

14%

Best Bank for ALM and Libor Transition Management

NatWest Markets

30%

Second

Barclays

25%

Third

HSBC

23%

Best Bank for ESG Issuers

Crédit Agricole

51%

Second

LBBW

19%

Third

ING

16%

Best Bank for Inaugural Issuers

Erste Group

28%

Second

Barclays

26%

Third

BNP Paribas

24%

Best Non-euro Lead Manager

HSBC

31%

Second

UBS

21%

Third

Barclays

18%

Best Syndicate Manager

BNP Paribas

27%

Second

Crédit Agricole

26%

Third

UniCredit

23%

Covered Bond House of the Year

LBBW

47%

Second

BNP Paribas

20%

Third

HSBC

13%

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