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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 SFH €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
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    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
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    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
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    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
 
    
     
 
 
 
 
