ECB steps up secondary covered bond purchases as investors ‘park cash’ in threes

In the absence of primary activity, the European Central Bank maintained its strong presence in the covered bond market over the last week by stepping up secondary purchases. At the same time, investors have avoided punitive negative yields by buying three year non-Eurozone bonds.

  • By Bill Thornhill
  • 14 Feb 2018

The ECB bought a gross €1.8bn of covered bonds last week, of which about half was in primary and half in secondary. The daily secondary market purchase rate of €180m compared with an average of around €40m since the start of the year.

This reflects “the ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 4,052.17 16 6.98%
2 UniCredit 3,766.07 19 6.49%
3 Credit Suisse 3,501.18 16 6.03%
4 Barclays 3,225.91 15 5.56%
5 Deutsche Bank 2,972.40 12 5.12%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 16,645.90 69 7.02%
2 Morgan Stanley 16,238.66 58 6.85%
3 JPMorgan 16,212.01 56 6.83%
4 Bank of America Merrill Lynch 15,866.43 43 6.69%
5 Citi 14,586.71 61 6.15%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 14,782.77 59 10.78%
2 Bank of America Merrill Lynch 14,541.23 37 10.61%
3 JPMorgan 14,017.46 38 10.22%
4 Morgan Stanley 13,480.57 43 9.83%
5 Citi 12,623.66 48 9.21%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 3,768.78 13 10.71%
2 UniCredit 2,555.78 10 7.26%
3 Deutsche Bank 2,505.35 8 7.12%
4 SG Corporate & Investment Banking 2,239.57 9 6.36%
5 Credit Suisse 2,135.65 6 6.07%

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 UBS 2,355.83 6 22.08%
2 Credit Agricole CIB 2,031.40 2 19.04%
3 SG Corporate & Investment Banking 1,447.57 4 13.57%
4 Barclays 505.57 3 4.74%
5 JPMorgan 490.48 3 4.60%