Deutsche Bank SA and UniCredit AG covered bonds scrape over the line

Small benchmark covered bond deals issued on Wednesday by Deutsche Bank’s Spanish subsidiary and UniCredit’s Austrian subsidiary were slow to build and priced in line with initial guidance. This led some to question whether this was due to a degree of unease with their parent groups or whether investors baulked at the pricing process.

  • By Bill Thornhill
  • 09 Jan 2019

Deutsche Bank SA issued a €500m seven year Cédulas at 57bp over mid-swaps with orders of €650m. The transaction was jointly led by Commerzbank, Deutsche Bank, ING, Natixis and Santander.

The “benchmark” deal, which was announced on Wednesday with initial guidance of ...

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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 8.12%
2 Barclays 1,682.54 7 6.80%
3 UniCredit 1,541.65 8 6.23%
4 RBC Capital Markets 1,529.57 5 6.18%
5 Credit Agricole CIB 1,434.09 6 5.80%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 3,573.83 6 8.48%
2 Citi 3,051.22 10 7.24%
3 SG Corporate & Investment Banking 2,824.93 5 6.70%
4 UBS 2,457.01 8 5.83%
5 Bank of America Merrill Lynch 2,427.85 8 5.76%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 2,661.03 2 13.95%
2 JPMorgan 2,252.50 9 11.81%
3 Goldman Sachs 2,017.50 5 10.58%
4 Bank of America Merrill Lynch 1,985.76 6 10.41%
5 Citi 1,860.53 7 9.75%

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%