Nordea issues tightest non-German covered of 2019

Nordea managed to raise €1.5bn of seven year funding at 4bp over mid-swaps on Monday — the tightest spread of any covered bond issued this year, other than in Germany. But subscription ratios for core covered bonds are falling and some key investors are lowering their orders.

  • By Bill Thornhill
  • 11 Mar 2019

Order books were opened on Monday for the March 2026 with initial guidance set in the 8bp area over mid-swaps, which offered a substantial pick up of about 7bp to the issuer’s curve. 

Nordea’s outstanding May 2025s and March 2027s were indicated at 0.5bp through and 3bp over mid-swaps ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 10,283.03 88 5.94%
2 HSBC 9,924.14 51 5.73%
3 LBBW 8,393.04 48 4.84%
4 Natixis 7,239.94 37 4.18%
5 UBS 7,025.55 38 4.05%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 56,708.49 244 6.13%
2 JPMorgan 53,085.45 277 5.74%
3 Citi 52,245.64 280 5.65%
4 Morgan Stanley 42,417.02 226 4.58%
5 HSBC 36,410.48 226 3.93%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 47,013.23 201 11.74%
2 JPMorgan 42,475.83 212 10.61%
3 Citi 41,045.97 215 10.25%
4 Morgan Stanley 31,926.79 155 7.97%
5 Goldman Sachs 27,946.69 263 6.98%

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 14.26%
2 UBS 4,233.38 20 9.79%
3 BNP Paribas 3,880.04 17 8.97%
4 Credit Agricole CIB 3,549.81 11 8.21%
5 HSBC 2,321.22 16 5.37%