Covered bond investors fret over global outlook

Covered bond investors say that, in isolation, their market looks in good shape. The trouble is, US equities and Treasuries are looking overvalued and a sell-off there could well spark a rout in global credit markets which will invariably hit covered bonds.

  • By Bill Thornhill
  • 09 May 2018
Covered bonds look more attractive against mid-swaps and relative to the sovereign sector than they have all year. This is particularly the case in core European markets in the five to seven year area, say investors. On the other hand, non-European covered bonds still look expensive, which reflects ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 11,812.99 65 5.42%
2 UniCredit 11,671.56 81 5.35%
3 LBBW 10,428.35 68 4.78%
4 Natixis 10,056.83 54 4.61%
5 UBS 10,023.11 54 4.60%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 76,286.55 325 6.16%
2 Citi 75,616.17 381 6.11%
3 Bank of America Merrill Lynch 74,287.75 290 6.00%
4 Goldman Sachs 69,250.76 575 5.59%
5 Morgan Stanley 64,136.05 354 5.18%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 62,656.60 228 10.68%
2 Bank of America Merrill Lynch 62,176.39 241 10.60%
3 Citi 58,885.51 284 10.04%
4 Goldman Sachs 52,481.43 510 8.95%
5 Morgan Stanley 49,661.01 274 8.47%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 7,428.28 28 7.14%
2 UniCredit 5,756.33 23 5.53%
3 LBBW 5,736.91 24 5.51%
4 Deutsche Bank 5,667.40 19 5.44%
5 Commerzbank Group 5,647.34 22 5.43%

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%