Traders constructive on core covereds

Core European covered bond spreads and non-eurozone deals look well placed to weather volatility over the next few weeks and potentially through to year end depending on supply, market makers believe. Even in the eurozone periphery, the situation is considered orderly.

  • By Bill Thornhill
  • 09 Oct 2018

Italian covered bonds have underperformed relative to other sectors but have “massively outperformed govvies," according to one trader. 

In the last two weeks Obbligazioni Bancarie Garantite's widened 5bp-10bp and on Monday, when BTPs sold off sharply, the OBG market only widened 1bp-2bp.

“I expect we’ll see OBG ...

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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
  • Today
1 Barclays 5,933.32 13 15.57%
2 UBS 3,859.50 17 10.13%
3 BNP Paribas 3,553.97 13 9.32%
4 Credit Agricole CIB 3,549.81 11 9.31%
5 HSBC 1,977.94 14 5.19%