Final Covered Bond Directive sparks debate on national discretions

The Covered Bond Directive provides a basis for harmonisation of the European covered bond market and sets a standard for other countries to follow suit. But following approval of the final text this week, market participants expect the new law will give member states plenty of leeway to interpret the rules.

  • By Bill Thornhill
  • 03 Apr 2019

The legal text of the Covered Bond Directive was approved by the European Parliamentary Committee on Economic and Monetary Affairs (ECON) on April 1, having been signed off a few days earlier by the Committee of Permanent Representatives (Coreper).

The first step towards passing the directive began ...

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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 6.01%
2 HSBC 9,924.14 51 5.80%
3 LBBW 8,393.04 48 4.91%
4 Natixis 7,239.94 37 4.23%
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 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 45,511.73 199 11.49%
2 JPMorgan 42,465.36 210 10.72%
3 Citi 41,045.97 215 10.36%
4 Morgan Stanley 31,427.16 153 7.94%
5 Goldman Sachs 27,936.22 261 7.05%

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 14.33%
2 UBS 4,233.38 20 9.83%
3 BNP Paribas 3,846.71 16 8.93%
4 Credit Agricole CIB 3,549.81 11 8.24%
5 HSBC 2,321.22 16 5.39%