LBBW's covered bond canary in the coal mine

Pfandbrief borrowers rarely issue sterling deals of more than £250m, so when LBBW priced a £750m transaction with demand of £1.4bn this week, alarm bells were ringing. The astounding wall of money chasing the safest of safe assets may say as much about the state of the market as it does about the value of the deal itself.

  • By Bill Thornhill
  • 10 May 2018

The transaction was priced on Wednesday, just one day after JP Morgan’s chief executive officer, Jamie Dimon, warned that 10 year Treasury yields could climb a further 100bp to 4%. 

The JPM chief's comments came amid the fallout in emerging markets, growing fears of a global trade war, the ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 7,466.45 40 5.70%
2 Natixis 7,203.12 31 5.50%
3 Credit Suisse 7,022.58 35 5.36%
4 LBBW 6,855.59 38 5.23%
5 UniCredit 6,528.35 40 4.98%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 46,538.25 147 6.98%
2 Citi 42,730.19 207 6.41%
3 JPMorgan 42,104.91 172 6.32%
4 Goldman Sachs 38,945.82 268 5.84%
5 Morgan Stanley 38,549.63 184 5.78%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 37,630.60 121 11.10%
2 JPMorgan 35,733.01 122 10.54%
3 Citi 34,819.94 160 10.27%
4 Goldman Sachs 31,136.63 235 9.18%
5 Morgan Stanley 30,197.39 146 8.91%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 6,119.91 22 8.95%
2 LBBW 4,244.39 18 6.21%
3 Deutsche Bank 4,163.44 13 6.09%
4 UniCredit 3,902.49 16 5.71%
5 SG Corporate & Investment Banking 3,848.68 16 5.63%

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 4,538.06 9 13.03%
2 UBS 3,374.07 13 9.69%
3 BNP Paribas 2,596.35 10 7.46%
4 Credit Agricole CIB 2,458.47 6 7.06%
5 SG Corporate & Investment Banking 2,180.25 9 6.26%