Excess demand for BPCE’s covered bond hits four year low

BPCE returned to the covered bond market on Monday to issue a €1bn eight year deal. Although the new issue premium was modest, the slightly tricky tenor may have deterred some investors and the subscription ratio was the lowest BPCE has experienced in four years.

  • By Bill Thornhill
  • 19 Nov 2018

BPCE issued a €1bn November 2026 at 9bp over mid-swaps, from 11bp initially with demand of €1.2bn. Lead managers on the deal were Citi, Commerzbank, ING, LBBW, Natixis and Nordea.

The subscription ratio of 1.2 was the lowest BPCE has seen ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 13,951.26 77 5.55%
2 UniCredit 12,869.58 96 5.12%
3 Natixis 11,652.77 67 4.63%
4 UBS 11,458.20 62 4.56%
5 LBBW 11,285.83 74 4.49%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 87,420.99 365 6.18%
2 Citi 78,905.88 424 5.58%
3 Bank of America Merrill Lynch 78,235.89 324 5.53%
4 Goldman Sachs 72,613.81 636 5.13%
5 Morgan Stanley 72,406.38 414 5.12%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 70,642.78 252 11.09%
2 Bank of America Merrill Lynch 64,871.97 271 10.19%
3 Citi 61,723.62 322 9.69%
4 Morgan Stanley 54,569.85 313 8.57%
5 Goldman Sachs 54,299.46 565 8.53%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 8,357.33 33 7.02%
2 Commerzbank Group 6,550.39 26 5.51%
3 Deutsche Bank 6,535.71 22 5.49%
4 UniCredit 6,513.66 27 5.47%
5 LBBW 6,441.23 28 5.41%

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 7,765.93 22 11.94%
2 BNP Paribas 5,338.58 23 8.21%
3 Barclays 5,124.61 20 7.88%
4 Credit Suisse 4,520.44 16 6.95%
5 UBS 3,976.00 19 6.11%