Covered bond curve is softening in the belly

The belly of the covered bond curve is soft with offers easy to find. Traders are hopeful that spreads will stabilise after next week’s slew of issuance but confidence is lacking. Yet there are pockets of performance if you look hard enough.

  • By Bill Thornhill
  • 12 Apr 2018

UK, Australian, New Zealand and Norwegian covered bonds have widened around the middle of the curve, though this has been particularly evidence in UK bonds — even though supply has not yet been forthcoming in euros.

“The biggest surprise is the UK widening as there’s been no ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 11,957.19 82 5.36%
2 HSBC 11,812.99 65 5.29%
3 LBBW 10,602.04 69 4.75%
4 UBS 10,527.02 56 4.72%
5 Natixis 10,458.17 56 4.69%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 76,957.45 328 6.18%
2 Citi 76,176.60 386 6.12%
3 Bank of America Merrill Lynch 74,603.42 292 5.99%
4 Goldman Sachs 69,690.96 577 5.59%
5 Morgan Stanley 64,371.16 356 5.17%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 63,096.80 230 10.70%
2 Bank of America Merrill Lynch 62,492.06 243 10.60%
3 Citi 59,302.09 288 10.06%
4 Goldman Sachs 52,921.63 512 8.97%
5 Morgan Stanley 49,826.68 275 8.45%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 7,713.92 29 7.27%
2 UniCredit 6,041.97 24 5.69%
3 LBBW 5,910.59 25 5.57%
4 Deutsche Bank 5,667.40 19 5.34%
5 Commerzbank Group 5,647.34 22 5.32%

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 7,584.11 21 12.84%
2 Barclays 4,776.16 18 8.08%
3 Credit Suisse 4,490.78 15 7.60%
4 BNP Paribas 4,171.68 19 7.06%
5 UBS 3,877.49 18 6.56%