
GlobalCapital is pleased to announce the nominees and open voting for this year’s Covered Bond Awards.
Thank you to everyone who helped us determine the shortlists via the nominations process that ran throughout May. Based on these recommendations, shortlists were drawn up in each category. You can find the full shortlist below or download a copy here.
As ever, this was a competitive process, and our congratulations go to all of this year’s nominees.
These shortlists are now open to a market vote to choose the winners. The poll will be open until midnight UK time on July 7, 2025.
KEY DATES
Shortlist published and voting opens: June 3, 2025
Voting closes: July 7, 2025
Winners announced: September 18, 2025
If you have any questions regarding the Awards process, please contact Sophie Astles.
For queries about commercial opportunities related to the Awards, please contact our Sales team.
AWARDS PROCESS
The vast majority of the Covered Bond Award winners are decided through a vote, in which market participants are invited to have their say on who has most impressed them during the review period. The only exception is the Lifetime Achievement Award, which is decided by the editorial team. Our full research methodology is available on the Awards Page.
Voting should reflect firm and deal activity between August 1, 2024 and June 2, 2025.
Please read the following instructions carefully to ensure that your votes are counted accurately.
The Rules
One vote per institution
The asset management, treasury and investment banking divisions within the same group can vote respectively as investor, issuer and lead manager, provided they meet the eligibility requirements listed below
Banks within a single network will be considered a single institution
Block voting, for one institution across all categories it has been nominated in, is not permitted
Voting for your own institution is not permitted
Who can vote?
Anyone active in the covered bond market is invited to vote
Lead managers must have syndicated at least one publicly distributed benchmark covered bond between August 2024 and June 2025
Issuers will have launched at least one publicly placed transaction of €250m or more in the past 18 months
Investors will have bought covered bonds between August 2023 and May 2024, with the more active getting a larger weighting
The winners of the Awards will be announced at a gala dinner at Muelle 21, Seville, on September 18, following the ECBC Covered Bond Congress.
If you have any questions about the Awards or research process, please contact Sophie Astles.
For more information on attending the ceremony, please contact our Sales team.
Shortlists
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Deal of the Year
- Berlin Hyp €1bn 2.625% February 2029 and €500m 2.75% November 2032 green
- BPCE €1.25bn 3% March 2032
- LBBW €1bn 2.625% February 2030
- Toronto Dominion €1bn September 2027 floater, €1.75bn 2.776% September 2027 and €1.5bn 2.862% April 2031
- Westpac €1.5bn 2.585% May 2030
Most Innovative Deal- Berlin Hyp €100m 2.75% July 2027 blockchain-based digital
- Deutsche Kreditbank €500m 3% February 2040 social
- KEB Hana €500m 2.875% January 2028 sustainability
- Lloyds Bank GmbH €500m 2.75% September 2029
- Paragon Bank £500m March 2028 buy-to-let mortgage
Best ESG Deal- Berlin Hyp €500m 2.75% November 2032 green
- Caja Rural de Navarra €500m 3% April 2033 sustainable
- Credit Agricole €1.25bn 2.625% February 2031 social
- Deutsche Kreditbank €500m 3% February 2040 social
- NordLB €1bn 2.625% October 2028 green
Best Debut or Returning Deal- ASB Bank €500m 2.971% March 2030
- CCF Holding €1bn 3% April 2030
- Danish Ship Finance €500m 3.25% March 2031
- Lloyds Bank GmbH €500m 2.75% September 2029
- Paragon Bank £500m March 2028 buy-to-let mortgage
Best Sterling Deal- Commonwealth Bank of Australia £1bn October 2027
- Coventry Building Society £600m January 2030
- Nationwide Building Society £1bn January 2030
- Paragon Bank £500m March 2028 buy-to-let mortgage
- Skipton Building Society £500m January 2030
Best Dollar Deal- Bank of Nova Scotia $1.75bn 4.299% March 2028
- CIBC $1.5bn 4.876% January 2030
- Commonwealth Bank of Australia $1.5bn 4.971% January 2030
- Korea Housing Finance Corporation $400m May 2030 floater
- Santander UK $1bn 4.496% December 2027
Best Euro Deal- Bausparkasse Schwaebisch Hall €500m 2.875% January 2031
- BPCE €1.25bn 3% March 2032
- Caisse de Refinancement de l'Habitat €1.75bn 2.75% February 2032
- Deutsche Kreditbank €500m 3% February 2040 social
- Toronto Dominion €1bn September 2027 floater, €1.75bn 2.776% September 2027 and €1.5bn 2.862% April 2031
Best Sub-Benchmark Deal- Coop Pank €250m 3.125% March 2029
- Kreissparkasse Köln €250m 2.75% February 2030 green
- Raiffeisenverband Salzburg €250m 2.625% February 2031
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Issuer of the YearBPCE
CIBC
Crédit Agricole
LBBW
Toronto DominionBest ESG IssuerBerlin Hyp
Caffil
Caja Rural de Navarra
Crédit Agricole
Deutsche KreditbankBest Eurozone IssuerBPCE
Caffil
Crédit Agricole
DZ Hyp
LBBWBest non-Eurozone IssuerCIBC
Commonwealth Bank of Australia
Royal Bank of Canada
Santander UK
Toronto Dominion -
Covered Bond House of the YearCommerzbank
Crédit Agricole
Erste
LBBW
NatixisEmerging Force in Covered BondsBBVA
BMO Capital Markets
Helaba
UBSBest Euro Lead ManagerCrédit Agricole
DZ Bank
Erste
LBBW
NatixisBest Dollar Lead ManagerBMO Capital Markets
HSBC
RBC Capital Markets
Toronto DominionBest Sterling Lead ManagerBarclays
BMO Capital Markets
HSBC
Lloyds
NomuraBest Non-core Currency Lead ManagerBarclays
National Australia Bank
Nomura
UBSBest Sub-Benchmark Lead ManagerDekaBank
DZ Bank
Erste
Helaba
LBBWBest MTN Dealer for Covered BondsHelaba
JP Morgan
LBBW
Natixis
NordLBBest Syndicate BankCrédit Agricole
DZ Bank
Erste
LBBW
NatixisBest Covered Bond ResearchBarclays
Commerzbank
Crédit Agricole
Deutsche Bank
NordLBBest Liquidity ProviderJP Morgan
NatWest
Santander
UBSBest Bank for DistributionBarclays
DZ Bank
Erste
LBBW
NatixisBest Bank for Structuring & ALMBarclays
BNP Paribas
HSBC
NatWestBest Bank for Using Technology in Primary Bond MarketsDekaBank
DZ Bank
LBBW
Société GénéraleBest Bank for ESG IssuersABN Amro
Crédit Agricole
DZ Bank
ING
NatixisBest Bank for Inaugural IssuersBarclays
Erste
Helaba
LBBW
Natixis -
Investor of the YearCentral Bank of Slovakia
Commerzbank Treasury
Nationwide Treasury
Nordea Asset Management
Union InvestBest Rating AgencyFitch Ratings
Moody’s Ratings
Morningstar DBRS
Scope Ratings
S&P Global RatingsBest Second Party Opinion ProviderISS ESG
Moody’s Ratings
SustainalyticsBest Law FirmA&O Shearman
Clifford Chance
Linklaters
Mayer Brown
White & CaseBest Primary Market Technology Platform for Covered BondsBOTS (Bond Origination Technologies)
Ipreo Issuenet
Origin MarketsBest Electronic Secondary Market Trading Platform for Covered BondsBloomberg
MarketAxess
TradewebBest Corporate Trust ProviderBNP Paribas Securities Services
BNY Mellon Corporate Trust Solutions
HSBC Issuer Services -
Best Syndicate BankerMladen Djurdjevic, Erste Group
Vincent Hoarau, Crédit Agricole
George Kalbin, Barclays
Damian Saunders, BNP Paribas
Alexandre Trulli, Natixis
Alberto Maria Villa, UniCreditBest Funding OfficialAurelien Harff, Crédit Agricole
Marc Nocart, CRH
Cedric Perrier, BPCE
Thor Tellefsen, DNB
Bodo Winkler-Viti, Berlin HypCovered Bonds Rising StarHemang Hirani, Barclays
Katharina Hofmann, RBI
Jil Janssen, LBBW
Mathilde Lopez, Natixis
Tara Parmar, BBVA
Lukas Schuster, Helaba
Yannick Wiggert, LBBWLifetime Achievement AwardWe welcome informal recommendations in this category, but the winner will be chosen by GlobalCapital. If you wish to make a nomination, please contact Sophie Astles