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 HSBC 2,007.05 8 7.35%
2 Barclays 1,796.79 8 6.58%
3 UniCredit 1,612.51 9 5.90%
4 DNB Markets 1,577.99 3 5.78%
5 RBC Capital Markets 1,529.57 5 5.60%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 3,754.46 8 8.10%
2 Citi 3,099.14 12 6.68%
3 SG Corporate & Investment Banking 2,856.43 6 6.16%
4 Bank of America Merrill Lynch 2,525.67 10 5.45%
5 UBS 2,487.84 9 5.37%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 4,205.29 10 16.76%
2 BNP Paribas 2,841.66 4 11.33%
3 JPMorgan 2,481.15 13 9.89%
4 Bank of America Merrill Lynch 2,083.58 8 8.31%
5 Goldman Sachs 2,049.00 6 8.17%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 1,277.72 4 8.80%
2 Barclays 1,252.42 5 8.62%
3 Credit Agricole CIB 1,206.85 4 8.31%
4 SG Corporate & Investment Banking 1,183.61 4 8.15%
5 UniCredit 1,182.66 4 8.14%

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 JPMorgan 201.08 2 18.64%
1 Bank of America Merrill Lynch 201.08 2 18.64%
3 UniCredit 113.58 1 10.53%
3 SG Corporate & Investment Banking 113.58 1 10.53%
3 Citi 113.58 1 10.53%