Portuguese covered bonds steady following upgrade

Portuguese covered bonds have held steady after Moody’s upgraded the sovereign rating to investment grade rating. Given the market’s poor liquidity, new issuance is likely to play a more pivotal role in determining the spread outlook than the sovereign's credit rating.

  • By Bill Thornhill
  • 15 Oct 2018

Santander’s €1bn September 2027 bond, which was issued just over a year ago, was last indicated around 27bp over mid-swaps compared to a reoffer spread of 48bp. The spread is unchanged from Friday’s close despite Moody’s upgrade of Portuguese sovereign credit risk.

“Although Peripheral covered bonds have been ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 2,007.05 8 7.35%
2 Barclays 1,796.79 8 6.58%
3 UniCredit 1,612.51 9 5.90%
4 DNB Markets 1,577.99 3 5.78%
5 RBC Capital Markets 1,529.57 5 5.60%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 3,754.46 8 8.10%
2 Citi 3,099.14 12 6.68%
3 SG Corporate & Investment Banking 2,856.43 6 6.16%
4 Bank of America Merrill Lynch 2,525.67 10 5.45%
5 UBS 2,487.84 9 5.37%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 4,205.29 10 16.76%
2 BNP Paribas 2,841.66 4 11.33%
3 JPMorgan 2,481.15 13 9.89%
4 Bank of America Merrill Lynch 2,083.58 8 8.31%
5 Goldman Sachs 2,049.00 6 8.17%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 1,277.72 4 8.80%
2 Barclays 1,252.42 5 8.62%
3 Credit Agricole CIB 1,206.85 4 8.31%
4 SG Corporate & Investment Banking 1,183.61 4 8.15%
5 UniCredit 1,182.66 4 8.14%

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 JPMorgan 201.08 2 18.64%
1 Bank of America Merrill Lynch 201.08 2 18.64%
3 UniCredit 113.58 1 10.53%
3 SG Corporate & Investment Banking 113.58 1 10.53%
3 Citi 113.58 1 10.53%