PBB pays tiny Pfandbrief NIP as rate hike fears stoked

Deutsche Pfandbriefbank (PBB) priced an Aa1 rated six year Pfandbrief on Tuesday at the same spread as Deutsche Bank’s Aaa rated five year issued last week, showing the market has improved. But, with tighter monetary policy recently signalled and more supply due, the advantageous funding window may prove short lived.

  • By Bill Thornhill
  • 15 May 2018

PBB opened order books for the €500m no-grow May 2024 mortgage backed German covered bond via joint leads Citi, Commerzbank, Dekabank, Deutsche Bankand Erste Groupwith guidance of 6bp through mid-swaps.

After 50 minutes orders exceeded €500m and after 90 minutes, ...

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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%