Aareal issues widest Pfandbrief since 2014

Aareal Bank this week returned to the euro Pfandbrief market for the fourth time this year to issue a four year deal, which was priced at its widest spread in four years. The fact Aareal chose to pre-fund suggests that spreads may have further to go.

  • By Bill Thornhill
  • 27 Nov 2018

Aareal Bank followed the lead of BPCE and Société Générale, which both recently issued covered bonds that will count towards their 2019 funding requirement.

The German issuer has already visited the euro Pfandbrief market three times this year and the sterling market once.

Its ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 5,126.88 21 7.34%
2 Barclays 4,041.33 20 5.78%
3 UniCredit 3,808.25 29 5.45%
4 LBBW 3,782.72 20 5.41%
5 Natixis 3,503.93 14 5.01%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 13,992.70 56 7.77%
2 JPMorgan 11,907.76 49 6.61%
3 Morgan Stanley 11,637.78 52 6.46%
4 Goldman Sachs 10,376.12 72 5.76%
5 BNP Paribas 9,986.77 27 5.54%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,039.30 41 11.76%
2 Citi 9,986.01 43 10.64%
3 Morgan Stanley 9,906.77 40 10.55%
4 Goldman Sachs 9,518.02 65 10.14%
5 Bank of America Merrill Lynch 8,526.90 27 9.08%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 3,106.36 10 7.25%
2 HSBC 3,089.99 10 7.21%
3 Barclays 2,870.45 11 6.70%
4 LBBW 2,867.95 11 6.69%
5 Credit Agricole CIB 2,698.01 10 6.30%

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 UBS 2,550.05 5 27.51%
2 HSBC 984.09 6 10.62%
3 Santander 660.14 4 7.12%
4 Deutsche Bank 511.09 4 5.51%
5 Credit Agricole CIB 459.09 3 4.95%