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 July 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 1.15% July 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% |