A valid case for covered bond harmonisation

The benefits of covered bond harmonisation far outweigh the costs, according to an independent report undertaken on behalf of the European Commission and published on Friday.

  • By Bill Thornhill
  • 19 May 2017

The independent report says “there is a valid case for a harmonised European Union legal regime for covered bonds”. A 1bp cost saving from harmonisation would roughly equate to €1.5bn for the €2.5tr market.

“This alone is I think sufficient justification for legislation,” said independent covered ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UBS 2,341.98 12 6.39%
2 Natixis 2,220.67 8 6.06%
3 UniCredit 2,187.22 10 5.97%
4 Barclays 2,050.37 9 5.59%
5 Credit Suisse 1,824.93 10 4.98%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 12,860.11 26 9.19%
2 Morgan Stanley 11,970.84 27 8.56%
3 Bank of America Merrill Lynch 9,510.22 21 6.80%
4 Barclays 9,168.66 18 6.55%
5 JPMorgan 8,977.54 27 6.42%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 12,192.75 22 13.65%
2 Morgan Stanley 10,994.66 21 12.31%
3 Bank of America Merrill Lynch 9,178.29 19 10.27%
4 JPMorgan 8,170.99 20 9.15%
5 Citi 7,487.94 21 8.38%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 2,071.95 7 8.69%
2 UBS 1,864.60 7 7.82%
3 LBBW 1,724.10 7 7.23%
4 UniCredit 1,662.07 7 6.97%
5 Deutsche Bank 1,380.66 4 5.79%

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 Credit Agricole CIB 2,031.40 2 42.44%
2 UBS 439.82 3 9.19%
3 Goldman Sachs 356.49 2 7.45%
3 Bank of America Merrill Lynch 356.49 2 7.45%
5 Lloyds Banking Group 249.35 1 5.21%