ECB tightens covered bond repo requirements

The European Central Bank (ECB) is making it more difficult for banks to enter into covered bond repurchase agreement (repo) trades with it. That, along with a recent widening in the spread between senior unsecured bonds pay over banks' secured debt, such as covered bonds, could boost the supply of the latter to public markets.

  • By Bill Thornhill
  • 15 May 2019
From February 1, 2020 the covered bonds that issuers retain in order to access central bank cash, rather than sell to investors, must have their own credit rating. Issuers will no longer be able to rely on their overall bank credit rating to be eligible for the liquidity, ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 8,974.41 77 5.90%
2 HSBC 8,592.02 43 5.65%
3 LBBW 8,280.86 47 5.44%
4 Barclays 6,490.00 33 4.26%
5 Natixis 6,473.22 31 4.25%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 48,377.80 206 6.35%
2 Citi 46,289.08 242 6.08%
3 JPMorgan 43,272.98 224 5.68%
4 Morgan Stanley 32,027.81 185 4.20%
5 HSBC 31,394.70 193 4.12%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 39,681.52 169 11.81%
2 Citi 36,163.90 186 10.76%
3 JPMorgan 33,931.52 167 10.10%
4 Morgan Stanley 23,766.77 132 7.07%
5 Wells Fargo Securities 22,356.72 97 6.65%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,346.40 20 6.84%
2 LBBW 5,291.48 20 6.77%
3 HSBC 4,549.39 16 5.82%
4 Deutsche Bank 4,534.04 16 5.80%
5 Credit Agricole CIB 4,493.73 19 5.75%

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 5,933.32 13 16.21%
2 UBS 3,778.43 15 10.32%
3 Credit Agricole CIB 3,549.81 11 9.70%
4 BNP Paribas 2,554.19 12 6.98%
5 HSBC 1,977.94 14 5.40%