GlobalCapital is pleased to announce the nominees and to open voting for this year’s Covered Bond Awards.
The nominees and eventual winners of the Awards are decided through a two-stage poll of market participants, canvassing opinion on the deals, institutions and individuals that have stood out and made an impact in the period from June 2, 2025 to June 1, 2026.
The first stage of the process - the call for nominations - closed in mid-June.
Based on these nominations, shortlists were drawn up in each category. You can find the full shortlist below.
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 20, 2026.
KEY DATES
Shortlist published and voting opens: July 2 , 2026
Voting closes: July 20, 2026
Winners announced: September 24, 2026
This year, we have introduced a number of new issuer, bank and service provider awards designed to reflect the evolution of the covered bond market. These include Best Deal Longer Than 10 Years, Best Niche Currency Deal, Best Issuer Outside of the EEA, Best Bank for Secondary Trading, and Best Hedge Fund. A full list of categories can be found below.
This year, we are also launching a market sentiment survey, details of which can be found below.
The voting in the poll and the survey is open for anyone active in the covered bond market to put forward themselves, their colleagues, their clients or their peers to be shortlisted.
If you have any questions regarding the Awards process, please contact Ekta Kharat.
For queries about commercial opportunities related to the Awards, please contact Katherine Tapper.
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 here.
Voting should reflect firm and deal activity between June 2, 2025 to June 1, 2026.
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 June 2025 and June 2026.
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 June 2025 and June 2026, with the more active getting a larger weighting
The winning deals and organisations will be announced at a gala dinner at NH Collection Sevilla, Seville, on September 24.
If you have any questions regarding the Awards process, please contact Ekta Kharat.
For queries about commercial opportunities related to the Awards, please contact Katherine Tapper.
SPECIAL FEATURE
This year we are also launching a special market sentiment survey, where GlobalCapital is asking participants 10 brief questions on the outlook for the covered bond market heading into 2027.
Survey participants will receive early access to the findings ahead of their unveiling at the awards dinner in Seville as a thank you.
To participate in the Market Sentiment Survey, please navigate to the final section of the poll and complete the survey questions there.
Shortlists
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Deal of the Year
- Caffil €1bn 3.375% January 2036
- ANZ $2.25bn 4.05% February 2031
- Deutsche Kreditbank €1bn 3.5% February 2041
- Nationwide £750m floating July 2029 and £1bn 4.25% December 2032
- Banco Santander €1.5bn 2.625% February 2031 and €1bn 3% February 2036
- Lloyds Bank €1.5bn 3% May 2029 and €500m 3.25% May 2033
Most Innovative Deal- LBBW €500m 2.75% March 2034 public sector
- Nationwide £750m floating July 2029 and £1bn 4.25% December 2032 mortgage
- Aareal Bank €625m 3.25% May 2032 green mortgage Pfandbrief
- Nordea Mortgage Bank €1bn 2.875% April 2029 EuGB mortgage
Best ESG Deal- BPCE SFH €1.5bn January 2033 EuGB mortgage
- Caffil €750m 3.625% May 2036 green public sector
- Aareal Bank €625m 3.25% May 2032 green mortgage Pfandbrief
- Nordea Mortgage Bank €1bn 2.875% April 2029 EuGB mortgage
Best Debut or Returning Deal- Bank Leumi €750m 3.197% January 2031 structured mortgage
- Bawag $700m 4.508%% May 2029 mortgage
- Česká spořitelna €500m 3.224% May 2031 mortgage
- Principality Building Society £500m January 2031 floating rate mortgage
Best Deal Longer Than 10 years- Bausparkasse Schwäbisch Hall €500m 3.25% January 2038 mortgage Pfandbrief
- Bawag €500m 3.375% January 2038 mortgage covered bond
- Deutsche Kreditbank €1bn 3.5% February 2041 public sector
Best Sterling Deal- Canadian Imperial Bank of Commerce £1.25bn September 2028 floating rate mortgage
- Lloyds Bank £1.5bn March 2029 floating rate mortgage
- National Australia Bank £1.5bn November 2030 floating rate mortgage
- Nationwide £750m floating July 2029 and £1bn 4.25% December 2032 mortgage
- Toronto-Dominion Bank £1.25bn January 2031 floating rate mortgage
Best Dollar Deal- ANZ $2.25bn 4.05% February 2031 mortgage
- Bawag $700m 4.508%% May 2029 mortgage
- DNB Boligkreditt $750m 4.25% April 2031 mortgage
- Nationwide Building Society $1.5bn 3.996% April 2029
Best Euro Deal- Caffil €1bn 3.375% January 2036 public sector
- Canadian Imperial Bank of Commerce €1.25bn 2.75% April 2031 mortgage
- Banco Santander €1.5bn 2.625% February 2031 and €1bn 3% February 2036 mortgage
- Lloyds Bank €1.5bn 3% May 2029 and €500m 3.25% May 2033 mortgage
Best Sub-Benchmark Deal- Arion Banki €300m 2.75% February 2031 mortgage
- Bank of Nova Scotia $300m March 2033 floating rate mortgage
- The Mortgage Society of Finland €300m 2.625% February 2030 mortgage
- Landesbank Saar €250m 3.5% May 2036 public sector
Best Niche Currency Deal- Fédération des caisses Desjardins du Québec Sfr335m 0.615% June 2032 mortgage
- Canadian Imperial Bank of Commerce Sfr325m 0.63% January 2031 mortgage
- Kiwibank Sfr170m 0.6624% October 2029 and Sfr105m 0.8175% April 2032 mortgage
- Compagnie de Financement Foncier Sfr150m 0.885% March 2036
- Commonwealth Bank of Australia Sfr110m 1.01% June 2036 and Sfr135m 1.25% June 2041 mortgage
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Issuer of the YearBanco Santander
BPCE
Caffil
Canadian Imperial Bank of Commerce
Nationwide Building SocietyBest ESG IssuerBPCE
Caffil
DZ Hyp
Korea Housing Finance Corp
Nordea Mortgage BankBest European Economic Area (EEA) IssuerBanco Santander
BPCE
Caffil
Crédit Agricole CIB
DNB Boligkreditt
NordeaBest Issuer outside of EEABank of Montreal
Canadian Imperial Bank of Commerce
National Australia Bank
Nationwide Building Society
Toronto-Dominion BankBest Versatile IssuerBPCE
Canadian Imperial Bank of Commerce
DNB Boligkreditt
Nationwide Building Society
Toronto-Dominion BankMost Innovative Funding TeamBanco Santander
BPCE
Crédit Agricole CIB
LBBW
Nationwide Building Society -
Covered Bond House of the YearCommerzbank
Crédit Agricole CIB
Erste Group
LBBW
NatixisComing Force in Covered BondsBMO Capital Markets
Danske Bank
Helaba
Santander
BBVABest Euro Lead ManagerDZ Bank
Erste Group
ING
LBBW
NatixisBest Dollar Lead ManagerBMO Capital Markets
HSBC
RBC Capital Markets
TD SecuritiesBest Sterling Lead ManagerBarclays
BMO Capital Markets
HSBC
Lloyds Bank Corporate Markets
NomuraBest Non-core Currency Lead ManagerCommerzbank
Danske Bank
Deutsche Bank
Nomura
UBSBest Sub-Benchmark Lead ManagerDanske Bank
DekaBank
DZ Bank
Erste Group
Helaba
NordLBBest Covered Bond ResearchABN Amro
Barclays
Commerzbank
Crédit Agricole CIB
NordLBBest Liquidity ProviderHelaba
JP Morgan
Natixis
Santander
UBSBest Bank for DistributionDanske Bank
DZ Bank
Erste Group
LBBW
NatixisBest Bank for Structuring & ALMBarclays
Deutsche Bank
ING
Natixis
RabobankBest Bank for Using Technology in Primary Bond MarketsDekaBank
DZ Bank
SantanderBest Bank for ESG IssuersCrédit Agricole
DZ
ING
LBBW
NatixisBest Bank for Inaugural IssuersBarclays
Crédit Agricole CIB
Erste Group
Helaba
LBBW
NatixisBest Bank for Secondary TradingJP Morgan
Santander
Erste Group
HelabaBest Bank for OriginationErste Group
Natixis
Santander
DZ Bank
LBBWBest Bank for Derivatives SolutionsBMO Capital Markets
BNP Paribas
Commerzbank
JP Morgan
Natixis -
Investor of the YearCommerzbank Treasury
Danske Bank Asset Management
Mint Tower Capital
Nordea Investment Management
Norges Bank Investment ManagementBest Rating AgencyFitch Ratings
Moody’s Ratings
S&P Global Ratings
Scope RatingsBest Second Party Opinion ProviderISS ESG
Moody’s Ratings
SustainalyticsBest Law Firm for Covered BondsA&O Shearman
Hogan Lovells
Linklaters
Mayer BrownBest Primary Market Technology Platform for Covered BondsIPREO
Origin Markets
PrimaryNexusBest Secondary Market Trading Platform for Covered BondsBloomberg
MarketAxess
TradewebBest Investor in Euro DealsCentral Bank of Slovakia
Commerzbank Treasury
Mint Tower Capital
Nordea Investment Management
Norges Bank Investment ManagementBest Investor in Non-Euro DealsAsian Development Bank
Barclays Treasury
Nationwide TreasuryHedge Fund of the YearAsgard Asset Management
Brevan Howard
ExodusPoint
Garda Capital Partners
Point 72
Tudor Capital -
Covered Bonds Investment Bank Rising StarHemang Hirani, Barclays
Hendrik Enzesberger, Helaba
James Haley, ABN Amro
Katharina Zehenthofer, Raiffeisen Bank International
Lukas Schuster, Helaba
Madelaine Lapworth, Santander CIB
Mathilde Lopez, NatixisCovered Bonds Funding Official Rising StarDanilo Kruger, Virgin Money UK
Jasmine Phillips, Lloyds Bank
Jil Janssen, LBBW
Matthias Kiss, Bawag
Patricia Domecq, Abanca
Quentin Lentengre, Crédit Agricole CIBBest Syndicate BankerAlberto Maria Villa, UniCredit
Alexandre Trulli, Natixis
Bertrand Tamarelle, Natixis
Mladen Djurdjevic, Erste Group
Shanx Tandon, BMO Capital MarketsBest Origination BankerChristian Haller, Crédit Agricole CIB
Kai Ebeling, DZ Bank
Karin Heydorn, Danske Bank
Maria Choukchina, Natixis
Maxim Börsig, Erste Group
Romain Beillard, Crédit Agricole CIBBest Funding OfficialCedric Perrier, Groupe BPCE
Colin Elion, Toronto-Dominion
Igor Nicolaes, ING
Marc Nocart, CRH
Silvana Borgatti, Banco Santander
Thor Tellefsen, DNBLifetime 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 Ekta Kharat ekta.kharat@derivia.com