Rating stability favours Fitch-rated covered bonds

More than 90% of Fitch-rated covered bond programmes have a stable outlook due to the considerable rating cushion between issuers and their covered bonds, or because they are secured on a substantial amount of excess collateral.

  • By Bill Thornhill
  • 06 Dec 2017

Of the 110 covered bond programmes rated by Fitch, only 20 would be directly affected by positive or negative movements in the issuer’s rating. The majority of these deals are soft bullet and hard bullet programmes in Spain and Portugal, which lack liquidity provisions.

The sovereign backdrop, ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Suisse 6,183.04 31 5.57%
2 Natixis 6,110.85 25 5.50%
3 UniCredit 5,952.50 34 5.36%
4 HSBC 5,429.80 30 4.89%
5 Deutsche Bank 5,347.15 24 4.81%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 34,822.02 112 6.75%
2 Goldman Sachs 32,510.73 196 6.31%
3 Citi 30,990.71 158 6.01%
4 JPMorgan 30,135.11 120 5.84%
5 Morgan Stanley 25,337.99 133 4.91%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 30,558.66 92 12.04%
2 JPMorgan 25,489.36 82 10.04%
3 Goldman Sachs 25,357.87 168 9.99%
4 Citi 24,298.88 121 9.57%
5 Morgan Stanley 20,022.47 102 7.89%

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 8.97%
2 Deutsche Bank 4,163.44 13 6.69%
3 UniCredit 3,902.49 16 6.27%
4 LBBW 3,521.48 15 5.66%
5 SG Corporate & Investment Banking 3,368.88 14 5.42%

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 4,313.33 7 13.03%
2 UBS 3,374.07 13 10.19%
3 BNP Paribas 2,596.35 10 7.84%
4 Credit Agricole CIB 2,377.58 5 7.18%
5 SG Corporate & Investment Banking 2,055.39 8 6.21%