Organisations from across the covered bond market came together in Seville on Thursday to celebrate their successes over the preceding year at GlobalCapital’s annual awards dinner.
The GlobalCapital Covered Bond Awards celebrated the most notable market achievements in the period between August 1, 2024 and June 1, 2025.
Over the past year, the covered bond market has once again demonstrated its resilience, adapting to interest rate uncertainty and evolving investor expectations. Covered bonds have continued to serve as a trusted and stable funding instrument for both new entrants and long-standing issuers alike.
The nominees and winners of the GlobalCapital Covered Bond Awards are decided by the industry itself, by vote. This means the winners are those their clients and counterparts consider the very best.
The exceptions to the polled categories are the Lifetime Achievement Awards, which are selected by the GlobalCapital editorial team, following nominations and market soundings.
This year, we are proud to present Colin Chen with the Lifetime Achievement Award posthumously. Widely respected by colleagues and peers alike, Colin was recognised for his leadership and long-standing contribution to the global covered bond market. His legacy has left a meaningful mark on the industry, and he will be missed.
Steffen Dahmer, our other Lifetime Achievement Winner was recognised in Seville for his outstanding contribution to the development of the covered bond market, as well as his dedication to fostering innovation and supporting issuers and investors alike.
Congratulations to all our winners and nominees, and huge thanks to all those who took the time to vote in the poll. The full list of winners and nominees is below.
Click here to download a PDF of the winners.
The Winners
Lifetime Achievement Award
Colin Chen
Steffen Dahmer, JP Morgan
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Deal of the YearWinner: LBBW €1bn 2.625% February 2030
Berlin Hyp €1bn 2.625% February 2029 and €500m 2.75% November 2032 green
BPCE €1.25bn 3% March 2032
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 2030Best Euro DealWinner: 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 2031Best Dollar DealWinner: 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 2027Best Sterling DealWinner: Nationwide Building Society £1bn January 2030
Commonwealth Bank of Australia £1bn October 2027
Coventry Building Society £600m January 2030
Paragon Bank £500m March 2028 buy-to-let mortgage
Skipton Building Society £500m January 2030Most Innovative DealWinner: 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 mortgageBest ESG DealWinner: NordLB €1bn 2.625% October 2028 green
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 socialBest Debut or Returning DealWinner: Danish Ship Finance €500m 3.25% March 2031
ASB Bank €500m 2.971% March 2030
CCF Holding €1bn 3% April 2030
Lloyds Bank GmbH €500m 2.75% September 2029
Paragon Bank £500m March 2028 buy-to-let mortgageBest Sub-Benchmark DealWinner: Kreissparkasse Köln €250m 2.75% February 2030 green
Coop Pank €250m 3.125% March 2029
Raiffeisenverband Salzburg €250m 2.625% February 2031 -
Covered Bond House of the YearWinner: LBBW
Commerzbank
Crédit Agricole
Erste Group
NatixisBest Euro Lead ManagerWinner: LBBW
Crédit Agricole
DZ Bank
Erste Group
NatixisBest Dollar Lead ManagerWinner: HSBC
BMO Capital Markets
RBC Capital Markets
Toronto DominionBest Sterling Lead ManagerWinner: Barclays
BMO Capital Markets
HSBC
Lloyds
NomuraBest Bank for Inaugural IssuersWinner: Barclays
Erste Group
Helaba
LBBW
NatixisBest Bank for Structuring & ALMWinner: Barclays
BNP Paribas
HSBC
NatwestBest Syndicate BankWinner: DZ Bank
Crédit Agricole
Erste Group
LBBW
NatixisBest Bank for Using Technology in Primary Bond MarketsWinner: DZ Bank
DekaBank
LBBW
Société GénéraleBest Sub-Benchmark Lead ManagerWinner: DZ Bank
DekaBank
Erste Group
Helaba
LBBWBest Bank for DistributionWinner: Erste Group
Barclays
DZ Bank
LBBW
NatixisBest Bank for ESG IssuersWinner: Crédit Agricole CIB
ABN Amro
DZ Bank
ING
Natixis-Best Covered Bond ResearchWinner: Crédit Agricole CIB
Barclays
Commerzbank
Deutsche Bank
NordLBBest Liquidity ProviderWinner: JP Morgan
Natwest
Santander
UBSBest MTN Dealer for Covered BondsWinner: JP Morgan
Helaba
LBBW
Natixis
NordLBBest Non-Core Currency Lead ManagerWinner: UBS
Barclays
National Australia Bank
NomuraEmerging Force in Covered BondsWinner: Helaba
BBVA
BMO Capital Markets
UBS -
Issuer of the YearWinner: LBBW
BPCE
CIBC
Crédit Agricole
Toronto DominionBest Eurozone IssuerWinner: BPCE
Caffil
Crédit Agricole
DZ Hyp
LBBWBest Non-Eurozone IssuerWinner: Toronto Dominion
CIBC
Commonwealth Bank of Australia
Royal Bank of Canada
Santander UKBest ESG IssuerWinner: Berlin Hyp
Caffil
Caja Rural de Navarra
Crédit Agricole
Deutsche Kreditbank -
Investor of the YearWinner: Nordea Asset Management
Central Bank of Slovakia
Commerzbank Treasury
Nationwide Treasury
Union InvestBest Law FirmWinner: Linklaters
A&O Shearman
Clifford Chance
Mayer Brown
White & CaseBest Rating AgencyWinner: Moody’s Ratings
Fitch Ratings
Morningstar DBRS
Scope Ratings
S&P Global RatingsBest Corporate Trust ProviderWinner: BNP Paribas Securities Services
BNY Mellon Corporate Trustee Services Limited
HSBC Issuer ServicesBest Second Party Opinion ProviderWinner: ISS-Corporate
Moody’s Ratings
SustainalyticsBest Primary Market Technology Platform for Covered BondsWinner: Ipreo IssueNet
BOTS (Bond Origination Technologies)
Origin MarketsBest Electronic Secondary Market Trading Platform for Covered BondsWinner: Bloomberg
MarketAxess
Tradeweb -
Best Syndicate BankerWinner: Mladen Djurdjevic, Erste Group
Vincent Hoarau, Crédit Agricole
George Kalbin, Barclays
Damian Saunders, BNP Paribas
Alexandre Trulli, Natixis
Alberto Maria Villa, UniCreditCovered Bonds Rising StarWinner: Jil Janssen, LBBW
Hemang Hirani, Barclays
Katharina Hofmann, RBI
Mathilde Lopez, Natixis
Tara Parmar, BBVA
Lukas Schuster, Helaba
Yannick Wiggert, LBBWBest Funding OfficialWinner: Bodo Winkler-Viti, Berlin Hyp
Aurelien Harff, Crédit Agricole
Marc Nocart, CRH
Cedric Perrier, BPCE
Thor Tellefsen, DNB
If you have any queries about the Awards, please contact Ekta Kharat .
For information on commercial opportunities related to the Awards, please contact Jack Thomson.
