Covered Bond Awards 2025: shortlist revealed and voting open!

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Covered Bond Awards 2025: shortlist revealed and voting open!

The winning deals and organisations will be revealed at our gala dinner in Seville on September 18

Covered Bond Award 2025, shortlist live

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

shortlist
  • Deal Awards

    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
  • Issuer Awards

    Issuer of the Year
    BPCE
    CIBC
    Crédit Agricole
    LBBW
    Toronto Dominion
    Best ESG Issuer
    Berlin Hyp
    Caffil
    Caja Rural de Navarra
    Crédit Agricole
    Deutsche Kreditbank
    Best Eurozone Issuer
    BPCE
    Caffil
    Crédit Agricole
    DZ Hyp
    LBBW
    Best non-Eurozone Issuer
    CIBC
    Commonwealth Bank of Australia
    Royal Bank of Canada
    Santander UK
    Toronto Dominion
  • Lead Manager Awards

    Covered Bond House of the Year
    Commerzbank
    Crédit Agricole
    Erste
    LBBW
    Natixis
    Emerging Force in Covered Bonds
    BBVA
    BMO Capital Markets
    Helaba
    UBS
    Best Euro Lead Manager
    Crédit Agricole
    DZ Bank
    Erste
    LBBW
    Natixis
    Best Dollar Lead Manager
    BMO Capital Markets
    HSBC
    RBC Capital Markets
    Toronto Dominion
    Best Sterling Lead Manager
    Barclays
    BMO Capital Markets
    HSBC
    Lloyds
    Nomura
    Best Non-core Currency Lead Manager
    Barclays
    National Australia Bank
    Nomura
    UBS
    Best Sub-Benchmark Lead Manager
    DekaBank
    DZ Bank
    Erste
    Helaba
    LBBW
    Best MTN Dealer for Covered Bonds
    Helaba
    JP Morgan
    LBBW
    Natixis
    NordLB
    Best Syndicate Bank
    Crédit Agricole
    DZ Bank
    Erste
    LBBW
    Natixis
    Best Covered Bond Research
    Barclays
    Commerzbank
    Crédit Agricole
    Deutsche Bank
    NordLB
    Best Liquidity Provider
    JP Morgan
    NatWest
    Santander
    UBS
    Best Bank for Distribution
    Barclays
    DZ Bank
    Erste
    LBBW
    Natixis
    Best Bank for Structuring & ALM
    Barclays
    BNP Paribas
    HSBC
    NatWest
    Best Bank for Using Technology in Primary Bond Markets
    DekaBank
    DZ Bank
    LBBW
    Société Générale
    Best Bank for ESG Issuers
    ABN Amro
    Crédit Agricole
    DZ Bank
    ING
    Natixis
    Best Bank for Inaugural Issuers
    Barclays
    Erste
    Helaba
    LBBW
    Natixis
  • Platform Service Providers

    Investor of the Year
    Central Bank of Slovakia
    Commerzbank Treasury
    Nationwide Treasury
    Nordea Asset Management
    Union Invest
    Best Rating Agency
    Fitch Ratings
    Moody’s Ratings
    Morningstar DBRS
    Scope Ratings
    S&P Global Ratings
    Best Second Party Opinion Provider
    ISS ESG
    Moody’s Ratings
    Sustainalytics
    Best Law Firm
    A&O Shearman
    Clifford Chance
    Linklaters
    Mayer Brown
    White & Case
    Best Primary Market Technology Platform for Covered Bonds
    BOTS (Bond Origination Technologies)
    Ipreo Issuenet
    Origin Markets
    Best Electronic Secondary Market Trading Platform for Covered Bonds
    Bloomberg
    MarketAxess
    Tradeweb
    Best Corporate Trust Provider
    BNP Paribas Securities Services
    BNY Mellon Corporate Trust Solutions
    HSBC Issuer Services
  • Individual Awards

    Best Syndicate Banker
    Mladen Djurdjevic, Erste Group
    Vincent Hoarau, Crédit Agricole
    George Kalbin, Barclays
    Damian Saunders, BNP Paribas
    Alexandre Trulli, Natixis
    Alberto Maria Villa, UniCredit
    Best Funding Official
    Aurelien Harff, Crédit Agricole
    Marc Nocart, CRH
    Cedric Perrier, BPCE
    Thor Tellefsen, DNB
    Bodo Winkler-Viti, Berlin Hyp
    Covered Bonds Rising Star
    Hemang Hirani, Barclays
    Katharina Hofmann, RBI
    Jil Janssen, LBBW
    Mathilde Lopez, Natixis
    Tara Parmar, BBVA
    Lukas Schuster, Helaba
    Yannick Wiggert, LBBW
    Lifetime Achievement Award
    We 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

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