Pfandbrief volumes stabilises as new names emerge

The Pfandbrief market may at last be stabilising after almost 18 years of contraction. And with the share of mortgage Pfandbriefe growing and peripheral exposure shrinking, collateral quality has improved. The market is set to evolve as new names emerge, others merge and some disappear.

  • By Bill Thornhill
  • 14 May 2018

According to the Association of German Pfandbrief Issuers (vdp), there were €354.5bn Pfandbriefe outstanding at the end of the first quarter. 

Volumes rose almost 1% in the first quarter from the previous year, swelled by €9bn of primary supply, the majority of which was secured on mortgages.

The Pfandbrief market ...

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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 4.68%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 76,957.45 328 6.17%
2 Citi 76,201.10 387 6.11%
3 Bank of America Merrill Lynch 74,603.42 292 5.98%
4 Goldman Sachs 69,690.96 577 5.58%
5 Morgan Stanley 64,628.40 358 5.18%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 63,096.80 230 10.69%
2 Bank of America Merrill Lynch 62,492.06 243 10.59%
3 Citi 59,326.59 289 10.05%
4 Goldman Sachs 52,921.63 512 8.97%
5 Morgan Stanley 50,083.92 277 8.48%

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 12.82%
2 Barclays 4,776.16 18 8.08%
3 Credit Suisse 4,490.78 15 7.59%
4 BNP Paribas 4,171.68 19 7.05%
5 UBS 3,877.49 18 6.56%