Covered bonds face new pricing paradigm

Covered bonds issued this week by Compagnie de Financement Foncier (CFF), ABN Amro and ING Bank offered premiums well in excess of any other seen this year. The three deals repriced the secondary market and set a pattern that is likely to become more established over time.

  • By Bill Thornhill
  • 05 Apr 2018
Compagnie de Financement Fonciere’s €1.5bn five year, issued on Tuesday, set the tone for the week as a whole — and probably for the rest of this year.
Against its own curve, CFF started with 10bp-13bp of premium and ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 9,646.84 53 5.52%
2 UniCredit 9,064.27 59 5.18%
3 LBBW 8,460.29 51 4.84%
4 Natixis 8,380.29 41 4.79%
5 Commerzbank Group 7,808.11 45 4.47%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 54,485.03 201 6.34%
2 Citi 54,367.98 259 6.33%
3 JPMorgan 52,700.20 217 6.13%
4 Goldman Sachs 47,685.69 398 5.55%
5 Morgan Stanley 45,832.73 245 5.33%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 45,275.50 204 10.97%
2 Bank of America Merrill Lynch 44,405.37 166 10.76%
3 JPMorgan 43,387.18 154 10.51%
4 Goldman Sachs 38,033.04 355 9.21%
5 Morgan Stanley 34,608.53 187 8.38%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 6,511.67 24 7.33%
2 UniCredit 5,302.66 21 5.97%
3 Deutsche Bank 5,002.94 16 5.64%
4 LBBW 4,811.97 20 5.42%
5 Commerzbank Group 4,809.31 18 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 4,729.28 11 11.92%
2 UBS 3,374.07 13 8.50%
3 BNP Paribas 2,704.23 11 6.81%
4 Credit Agricole CIB 2,458.47 6 6.20%
5 Credit Suisse 2,352.50 10 5.93%