Wider is welcome for covered bond buyers

Covered bond spreads are likely to widen further into the start of 2019, but that will serve to make them more attractive to investors, especially relative to sovereign and agency alternatives. And since investors will have a slew of cash to put to work, it seems likely it will encourage buying.

  • By Bill Thornhill
  • 06 Dec 2018

“We will see some further widening and issuers have to be prepared to pay up, but we will need to watch the market very carefully because I think there’s money waiting on the side to be invested,” said a covered bond trader.

He suggested that, at some ...

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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%