Scope for further covered bond tightening questioned

SEB issued a seven year covered bond last week 9bp tighter than where DNB Boligkreditt was able to print at the start of this year, showing just how far spreads have rallied. Even though the market is still well supported, investors could soon become reluctant to chase the market even tighter.

  • By Bill Thornhill
  • 04 Feb 2019

DNB Boligkreditt issued a €1.5bn 0.625% January 2026 at 20bp over mid-swaps on January 7,  and last week SEB was able to sell a 0.375% February 2026 at 11bp.  

The difference between these two national champions is typically 2bp, with SEB trading as the tighter of the pair.

The implication ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 8,310.39 68 6.26%
2 HSBC 7,890.10 39 5.94%
3 LBBW 7,461.99 41 5.62%
4 Natixis 5,933.30 28 4.47%
5 Barclays 5,557.78 30 4.19%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 42,117.74 211 6.65%
2 Bank of America Merrill Lynch 41,026.62 163 6.48%
3 JPMorgan 36,367.40 177 5.74%
4 HSBC 27,647.03 160 4.36%
5 Morgan Stanley 27,224.67 154 4.30%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 33,860.13 134 11.83%
2 Citi 33,125.84 164 11.58%
3 JPMorgan 29,216.73 136 10.21%
4 Morgan Stanley 19,909.37 108 6.96%
5 Goldman Sachs 17,936.95 177 6.27%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 LBBW 5,089.85 19 7.10%
2 Natixis 4,918.89 18 6.86%
3 HSBC 4,323.51 15 6.03%
4 Credit Agricole CIB 4,174.25 17 5.82%
5 UniCredit 4,163.16 19 5.81%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
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 Credit Agricole CIB 3,549.81 11 11.28%
2 UBS 3,334.58 12 10.60%
3 Barclays 3,229.69 10 10.26%
4 BNP Paribas 2,554.19 12 8.12%
5 HSBC 1,977.94 14 6.29%