Covered research round up: new German issuer; larger Canadian programmes; NordLB downgrades

The first German building society is poised to enter the Pfandbrief business, two Canadian banks have substantially increased the size of their covered bond programmes and prospective downgrades of NordLB’s covered bonds may not necessarily lead to a spread widening said analysts at Commerzbank, UniCredit and Citi this week.

  • By Bill Thornhill
  • 21 Apr 2017

On Wednesday this week Wustenrot Pfandbriefbank transferred its Pfandbrief business to Wustenrot Bausparkasse which, according to Commerzbank analysts, makes it the first German building society to enter the Pfandbrief business.

The analysts expect the bank, that has capacity to issue covered bonds rated AAA with Standard ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 12,298.38 63 6.25%
2 UniCredit 9,672.56 77 4.91%
3 BNP Paribas 9,051.42 45 4.60%
4 Commerzbank Group 8,371.43 55 4.25%
5 LBBW 8,306.10 52 4.22%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 105,492.04 446 6.81%
2 Citi 98,673.16 573 6.37%
3 Goldman Sachs 95,750.67 536 6.18%
4 Bank of America Merrill Lynch 93,351.13 407 6.02%
5 JPMorgan 88,814.08 428 5.73%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 84,188.08 441 10.76%
2 Bank of America Merrill Lynch 75,448.24 348 9.64%
3 Morgan Stanley 74,349.20 331 9.50%
4 JPMorgan 74,118.38 331 9.47%
5 Goldman Sachs 73,769.18 453 9.43%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,645.35 19 6.27%
2 Credit Agricole CIB 5,608.30 21 6.23%
3 LBBW 5,605.63 20 6.23%
4 SG Corporate & Investment Banking 5,543.24 22 6.16%
5 Commerzbank Group 4,949.16 20 5.50%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 9,461.63 27 12.10%
2 HSBC 9,384.46 39 12.00%
3 BNP Paribas 6,278.15 28 8.03%
4 Citi 4,542.03 36 5.81%
5 Credit Suisse 4,495.13 23 5.75%