Biggest risk for Cédulas transition is implementation

Spanish regulators are likely to introduce a wide range of essential revisions to the Cédulas law once the final version of the European Commission’s covered bond directive has been published. If carefully calibrated, the changes can be credit neutral. The biggest challenge is their implementation.

  • By Bill Thornhill
  • 05 Jun 2018

In October 2014 the Spanish treasury proposed a number of far reaching revisions to the Cédulas law. But, with the European Commission set to publish an updated covered bond directive by the end of this year, these changes were put on ice.

A number of ...

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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%