Covered bonds drift wider as MuHyp and SMBC line up

Covered bonds have drifted wider over the last few weeks, reflecting heavier than expected supply and diminished market maker interest. Even so, the primary market is functioning healthily, boding well for prospective debut deals from Münchener Hypothekenbank and SMBC, deals that could surface as early as Tuesday.

  • By Bill Thornhill
  • 29 Oct 2018
The iBoxx covered bond index drifted about 1bp wider last week and though the move was led by Nordic markets, it was broad based. On Monday, a secondary market dealer blamed the widening on “persistent high new issue premiums” coupled with higher than expected supply and the European ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 8,974.41 77 6.00%
2 HSBC 8,592.02 43 5.74%
3 LBBW 8,280.86 47 5.53%
4 Barclays 6,490.00 33 4.34%
5 Natixis 6,473.22 31 4.33%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 47,537.80 202 6.34%
2 Citi 45,475.14 237 6.06%
3 JPMorgan 42,292.41 216 5.64%
4 HSBC 31,044.82 190 4.14%
5 Morgan Stanley 30,866.06 178 4.11%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 38,841.52 165 11.80%
2 Citi 35,349.96 181 10.74%
3 JPMorgan 33,079.42 161 10.05%
4 Morgan Stanley 22,689.67 126 6.89%
5 Wells Fargo Securities 22,104.88 95 6.72%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,346.40 20 6.84%
2 LBBW 5,291.48 20 6.77%
3 HSBC 4,549.39 16 5.82%
4 Deutsche Bank 4,534.04 16 5.80%
5 Credit Agricole CIB 4,493.73 19 5.75%

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 16.39%
2 UBS 3,578.43 14 9.89%
3 Credit Agricole CIB 3,549.81 11 9.81%
4 BNP Paribas 2,554.19 12 7.06%
5 HSBC 1,977.94 14 5.46%