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 2,178.54 9 7.19%
2 Barclays 1,796.79 8 5.93%
3 UniCredit 1,755.37 10 5.80%
4 RBC Capital Markets 1,701.06 6 5.62%
5 SG Corporate & Investment Banking 1,607.59 7 5.31%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 7,786.52 11 9.83%
2 Citi 7,555.38 23 9.54%
3 Wells Fargo Securities 5,887.91 6 7.43%
4 JPMorgan 5,473.47 21 6.91%
5 Morgan Stanley 4,949.43 16 6.25%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Wells Fargo Securities 5,887.91 6 13.85%
2 Citi 5,438.91 18 12.79%
3 JPMorgan 5,372.59 20 12.64%
4 Morgan Stanley 4,639.07 13 10.91%
5 Bank of America Merrill Lynch 2,889.79 12 6.80%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 1,378.34 5 8.96%
2 Natixis 1,277.72 4 8.31%
3 Barclays 1,252.42 5 8.14%
4 LBBW 1,252.06 5 8.14%
5 SG Corporate & Investment Banking 1,183.61 4 7.70%

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 131.18 2 17.98%
1 Bank of America Merrill Lynch 131.18 2 17.98%
3 UBS 87.50 1 11.99%
3 Deutsche Bank 87.50 1 11.99%
5 UniCredit 43.68 1 5.99%