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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 9,230.96 80 5.91%
2 HSBC 8,592.02 43 5.50%
3 LBBW 8,280.86 47 5.30%
4 Natixis 6,643.65 32 4.25%
5 Barclays 6,490.00 33 4.15%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 49,562.30 215 6.28%
2 Citi 46,993.54 251 5.96%
3 JPMorgan 44,208.42 233 5.61%
4 Morgan Stanley 32,599.82 190 4.13%
5 HSBC 32,227.16 198 4.09%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 40,819.48 178 11.88%
2 Citi 36,691.94 193 10.68%
3 JPMorgan 34,866.96 176 10.15%
4 Morgan Stanley 24,012.78 135 6.99%
5 Wells Fargo Securities 22,722.23 100 6.61%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,516.84 21 6.91%
2 LBBW 5,291.48 20 6.62%
3 Credit Agricole CIB 4,664.16 20 5.84%
4 HSBC 4,549.39 16 5.69%
5 Deutsche Bank 4,534.04 16 5.68%

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
  • 26 Jun 2019
1 Barclays 5,933.32 13 15.77%
2 UBS 3,778.43 15 10.04%
3 BNP Paribas 3,553.97 13 9.44%
4 Credit Agricole CIB 3,549.81 11 9.43%
5 HSBC 1,977.94 14 5.26%