CM Arkea blasts 10s before covered yield disappears

Investors rushed to buy Credit Mutuel Arkea’s 10 year covered bond on Friday and lock in the positive yield before it disappears, probably in a matter of weeks. Strong demand was all the more remarkable given the bank’s Aa3 rating could be downgraded by three notches.

  • By Bill Thornhill
  • 05 Jul 2019
The €500m Aaa/---/AAA rated covered bond attracted almost 100 orders totalling over €2bn, and was priced with zero new issue concession at 6bp over mid-swaps from an initial spread of 11bp and an interim spread of 7bp. Lead managers on the deal were Crédit Agricole, CM Arkea, ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 10,226.87 87 6.02%
2 HSBC 9,674.59 50 5.69%
3 LBBW 8,393.04 48 4.94%
4 Natixis 7,217.47 36 4.25%
5 UBS 7,025.55 38 4.13%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 52,051.78 238 5.84%
2 Citi 51,670.64 278 5.79%
3 JPMorgan 51,080.22 263 5.73%
4 Morgan Stanley 37,731.07 213 4.23%
5 Goldman Sachs 35,336.68 307 3.96%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 42,487.11 196 11.16%
2 JPMorgan 40,694.28 200 10.69%
3 Citi 40,470.97 213 10.63%
4 Morgan Stanley 27,539.54 145 7.24%
5 Goldman Sachs 27,138.47 257 7.13%

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%