Ring-fencing UK covered bonds is positive

UK issuers propose to include their covered bond programmes within their ring-fenced entities, which is positive for their credit quality, said Moody’s.

  • By Bill Thornhill
  • 18 Jan 2018

The largest five UK banks, those with assets over £25bn, are required by law to ring-fence retail banking services from investment banking.

Inside the ring-fence will be, among other activities, retail mortgage lending. UK lenders are therefore putting liabilities associated with those assets inside the ring-fence ...

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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 46,399.06 142 7.19%
2 Citi 42,112.14 199 6.53%
3 JPMorgan 41,623.03 165 6.45%
4 Goldman Sachs 38,346.43 256 5.94%
5 Morgan Stanley 37,124.00 177 5.75%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 37,563.93 117 11.24%
2 JPMorgan 35,618.29 118 10.66%
3 Citi 34,267.93 153 10.26%
4 Goldman Sachs 30,537.25 223 9.14%
5 Morgan Stanley 30,195.53 143 9.04%

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%