NN issues first covered CPT as hopes for RMBS rise

NN Bank paid a generous premium for the first Dutch conditional pass through (CPT) covered bond of 2018. The deal emerges in the wake of the European Commission’s decision to halve capital charges for certain securitizations, a move which may cause some banks to reconsider RMBS issuance.

  • By Bill Thornhill
  • 04 Jun 2018

The €500m September 2025 was priced on Monday at a final spread of 5bp over mid-swaps, down from 8bp initially and an intermediate pricing step of 6bp plus or minus 1bp.

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 8,539.81 48 5.60%
2 UniCredit 8,425.45 50 5.52%
3 Natixis 8,089.32 38 5.30%
4 LBBW 7,986.15 46 5.23%
5 Credit Suisse 7,360.16 38 4.82%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 52,618.66 188 6.74%
2 JPMorgan 50,853.66 203 6.51%
3 Citi 47,224.49 241 6.05%
4 Goldman Sachs 43,875.83 337 5.62%
5 Morgan Stanley 42,506.23 223 5.44%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 43,104.00 156 11.03%
2 JPMorgan 42,492.21 146 10.88%
3 Citi 39,049.99 192 10.00%
4 Goldman Sachs 35,815.39 302 9.17%
5 Morgan Stanley 33,365.56 178 8.54%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 6,511.67 24 8.20%
2 UniCredit 5,364.43 20 6.75%
3 LBBW 4,811.97 20 6.06%
4 SG Corporate & Investment Banking 4,456.32 19 5.61%
5 Deutsche Bank 4,411.19 14 5.55%

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 4,729.28 11 12.78%
2 UBS 3,374.07 13 9.12%
3 BNP Paribas 2,704.23 11 7.31%
4 Credit Agricole CIB 2,458.47 6 6.64%
5 SG Corporate & Investment Banking 2,263.58 10 6.12%