Pfandbrief trio vie to be top dog in covered bonds

Of the 13 German Pfandbriefe issued this year, a trio of deals issued by DZ Hyp, BayernLB and Deutsche Pfandbriefbank are vying for the top covered bond mark.

  • By Bill Thornhill
  • 21 Feb 2019
Email a colleague
Request a PDF

BondMarker is a new tool for the covered bond market, exclusive to GlobalCapital, which rates the success of covered bonds on a scale of zero to 10 across a range of criteria: timing, pricing and distribution (*).

DZ Hyp, BayernLB and Deutsche Pfandbriefbank issued covered bonds this year which all achieved marks of 8.76, this being the highest of all 13 German deals issued so far in 2019.

With 107 investors on board, Deutsche Pfandbriefbank’s (PBB) January 2024 attracted the most granular order book of any Pfandbrief. With demand of more than €1.5bn, it also boasted the highest oversubscription ratio.

However at €500m, the deal  was also one of the smallest deals issued this year and somewhat below DZ Hyp’s €750m January 2029, which received a similar score. But with a placement to 80 accounts the order book of DZ's deal was less granular.

Both deals performed by 2bp a week after launched compared to the 4bp tightening seen in BayernLB’s €500m February 2029, which scored equally highly and was only slightly less oversubscribed.

The largest deal of the year was Helaba’s €1.5bn July 2022, a size that ensured a relatively high market of 7.76, putting it in fifth place among the German deals issued this year.

Helaba’s transaction was slightly let down by the lower subscription ratio of 1.2 times, a number that was exceeded by Aareal Bank. 

With a mark of 8.33 Aareak Bank's €750m February 2024 got the fourth highest Pfandbrief mark so far this year. The transaction was more than twice subscribed and tightened by 3bp a week after launch.

(*) Half of the mark is derived from a survey based on the average score given by market participants. The other half of the mark is automatically calculated using a range of metrics — such as the deal’s subscription ratio, its performance, the granularity of the order book and the transaction’s size (see here for more details). The score for each deal can be found in the Covered Bonds Priced Deals Database.   

  • By Bill Thornhill
  • 21 Feb 2019

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 10,226.87 87 5.98%
2 HSBC 9,924.14 51 5.80%
3 LBBW 8,393.04 48 4.91%
4 Natixis 7,217.47 36 4.22%
5 UBS 7,025.55 38 4.11%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 52,563.97 240 5.87%
2 Citi 52,120.64 279 5.82%
3 JPMorgan 51,592.41 265 5.76%
4 Morgan Stanley 37,731.07 213 4.21%
5 HSBC 35,834.12 222 4.00%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 42,999.30 198 11.21%
2 JPMorgan 41,206.47 202 10.74%
3 Citi 40,920.97 214 10.67%
4 Morgan Stanley 27,539.54 145 7.18%
5 Goldman Sachs 27,200.66 258 7.09%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,939.43 23 6.77%
2 LBBW 5,403.66 21 6.16%
3 UniCredit 5,082.55 24 5.79%
4 HSBC 5,076.13 19 5.78%
5 Credit Agricole CIB 4,965.07 22 5.66%

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 Barclays 6,170.54 15 14.50%
2 UBS 4,233.38 20 9.95%
3 BNP Paribas 3,846.71 16 9.04%
4 Credit Agricole CIB 3,549.81 11 8.34%
5 HSBC 2,155.16 15 5.06%