Investors see value in core covereds

Core European covered bonds with intermediate to long tenors offer great value against sovereign and agency bonds, says one big beast covered bond investor. But with the European Central Bank buying 20% less in primary deals, a modest spread widening is needed to revitalise sentiment.

  • By Bill Thornhill
  • 03 Oct 2018

The mood in the covered bond market is “nervous” following the ECB’s decision to scale back primary purchases from 30% to 10% of a deal’s size, according to one major investor.  

Despite this, many core European deals are being priced with a historically generous pick-up of 50bp or ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 11,671.49 81 5.45%
2 HSBC 10,985.14 63 5.13%
3 LBBW 10,428.35 68 4.87%
4 Natixis 10,056.83 54 4.69%
5 Commerzbank Group 9,739.62 61 4.54%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 76,186.64 322 6.18%
2 Citi 75,614.99 380 6.14%
3 Bank of America Merrill Lynch 74,287.75 290 6.03%
4 Goldman Sachs 68,890.42 571 5.59%
5 Morgan Stanley 64,134.18 352 5.20%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 62,605.42 226 10.75%
2 Bank of America Merrill Lynch 62,176.39 241 10.67%
3 Citi 58,884.33 283 10.11%
4 Goldman Sachs 52,121.09 506 8.95%
5 Morgan Stanley 49,659.14 272 8.53%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 7,428.28 28 7.28%
2 UniCredit 5,756.33 23 5.64%
3 LBBW 5,736.91 24 5.62%
4 Deutsche Bank 5,667.40 19 5.55%
5 Commerzbank Group 5,647.34 22 5.53%

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 12.84%
2 Barclays 4,776.16 18 8.08%
3 Credit Suisse 4,490.78 15 7.60%
4 BNP Paribas 4,171.68 19 7.06%
5 UBS 3,877.49 18 6.56%