CBPP3 may shrink in December

The covered bond purchase programme (CBPP3) could well contract in December, but the European Central Bank will easily have scope to rebuild its portfolio in January which will support spreads. However, a rise in November's secondary market purchases shows real money investors are taking profits and leaving the asset class, boding poorly for the longer term spread outlook.

  • By Bill Thornhill
  • 05 Dec 2017

Gross purchases in November rose to almost €5bn, of which 77% was bought in the secondary market. 

Over 2017 as a whole the ECB has sourced 45% of its €36.4bn net purchases from the secondary market.  

The rise in secondary purchases led analysts at Société Générale research to conclude ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 11,789.48 61 6.03%
2 UniCredit 9,672.56 77 4.94%
3 BNP Paribas 9,051.42 45 4.63%
4 Commerzbank Group 8,371.43 55 4.28%
5 LBBW 8,276.69 51 4.23%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 105,250.27 441 6.82%
2 Citi 98,660.81 571 6.39%
3 Goldman Sachs 95,673.87 531 6.20%
4 Bank of America Merrill Lynch 93,136.34 403 6.03%
5 JPMorgan 88,684.81 426 5.75%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 84,201.33 440 10.76%
2 Bank of America Merrill Lynch 75,241.97 344 9.62%
3 Morgan Stanley 74,178.45 327 9.48%
4 JPMorgan 74,072.86 330 9.47%
5 Goldman Sachs 73,760.37 449 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 12.16%
2 HSBC 9,214.48 38 11.84%
3 BNP Paribas 6,278.15 28 8.07%
4 Citi 4,542.03 36 5.84%
5 Credit Suisse 4,325.15 22 5.56%