Investors flock to BHH’s negative yielding Pfandbrief

Berlin Hyp (BHH) enjoyed tremendous demand for the first negative yielding covered bond in over a year, as international real money investors took advantage of the compelling relative value on offer to pile into deal and make it one of the most oversubscribed of the year.

  • By Bill Thornhill
  • 21 Nov 2017
After mandating leads on Monday, BHH opened order books on Tuesday for a four year mortgage-backed Pfandbrief with initial guidance of 14bp through mid-swaps. After 45 minutes, and with demand of €1.35bn, the spread was refined to 16bp through, plus or minus 1bp. After one hour the spread ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Suisse 7,022.58 35 5.70%
2 HSBC 6,999.55 36 5.69%
3 Natixis 6,515.38 28 5.29%
4 UniCredit 6,410.63 39 5.21%
5 LBBW 6,099.50 34 4.95%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 46,339.06 141 7.19%
2 Citi 42,062.14 198 6.53%
3 JPMorgan 41,513.03 163 6.44%
4 Goldman Sachs 38,346.43 256 5.95%
5 Morgan Stanley 37,014.00 175 5.74%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 37,503.93 116 11.25%
2 JPMorgan 35,508.29 116 10.65%
3 Citi 34,217.93 152 10.26%
4 Goldman Sachs 30,537.25 223 9.16%
5 Morgan Stanley 30,085.53 141 9.02%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,582.45 20 8.81%
2 Deutsche Bank 4,163.44 13 6.57%
3 UniCredit 3,902.49 16 6.16%
4 LBBW 3,756.32 16 5.93%
5 SG Corporate & Investment Banking 3,603.72 15 5.69%

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 HSBC 4,538.06 9 13.07%
2 UBS 3,374.07 13 9.72%
3 BNP Paribas 2,596.35 10 7.48%
4 Credit Agricole CIB 2,458.47 6 7.08%
5 SG Corporate & Investment Banking 2,180.25 9 6.28%