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The best covered bond banks by deal quality, market share and jurisdiction

By Bill Thornhill
31 Jul 2019

Ahead of the 2019 Covered Bond Awards, GlobalCapital used Covered BondMarker and Dealogic data to assess which banks have performed best in the market over the last year. BNP Paribas was found to have worked on some of the most impressive covered bonds, HSBC helped arrange the largest volume of sales, while LBBW has taken the biggest share of the euro market.

GlobalCapital's Covered BondMarker is a system used to to score covered bonds in terms of the quality, based on a range of factors that include timing, pricing and distribution. 

Half the covered bond score is automatically marked — based on deal size, number of investors, the subscription ratio and the deal's performance one week after launch.

The other half is based on the Covered BondMarker survey, provided more than three people have voted. If less than three people have voted the survey is ignored and the automated score is doubled (see here for further details on how the score is derived).

Using Covered BondMarker scores, GlobalCapital has found that BNP Paribas, Natixis and UniCredit respectively ranked first, second and third for all banks that joint lead managed more than 30 deals in the past 12 months. 

Among banks that have worked on 20 or more euro deals so far this year, BNP Paribas is also leading with an average deal score of 8.14 on the 23 deals it worked on. ING is in second place, having worked on 27 deals with an average score of 7.89 and DZ Bank is in third place, having worked on 24 deals with an average score of 7.89.

The Covered Bond Marker League Table is free to use for anyone and can be found here.  

Covered BondMarker League Tables

Last 12 months, 30+ deals
Position BookrunnerBondMarker Score No of Deals 
 1 BNP Paribas7.64 32
 2 Natixis 7.62 47
 3 UniCredit 7.56 55
 4 DZ Bank 7.46 32
 5 Societe Generale 7.44 37

 Last year-to-date, 20+ deals
 PositionBookrunnerBondMarker Score No of Deals
 1 BNP Paribas 8.14 23
 2 ING 7.89 27
 3 DZ Bank 7.89 24
 4 UniCredit 7.87 45
 5 Natixis 7.85 34

HSBC has worked on most deals, but LBBW leads in euros

Based on league tables compiled by Dealogic, which can be found in the Covered Bond League table builder, HSBC, UniCredit and UBS are respectively ranked first, second and third in the All Covered Bond league table over the last 12 months.

HSBC has a share of 5.7%, having worked on 76 deals with a value of $14.38bn. UniCredit has a share of 5.4%, having managed 118 deals with a value of $13.4bn and UBS is in third place with a share of 4.5% and having lead managed 60 deals with a market value of $11.16bn.  

LBBW, UniCredit and Natixis respectively rank first, second and third in the Euro Covered Bond League Table for deals of €500m or more, over the last 12 months. 

LBBW has a market share of 6.5% having worked on 57 deals worth €9.09bn. UniCredit is in second place with a market share of 6.3% having worked on 61 deals with a value of €8.73bn. Natixis is in third place with a market share of 6% having worked on 46 deals with a value of €8.25bn.

Sterling, dollars, Germany, France, Canada, UK and Italy

Meanwhile, in the past 12 months in sterling covered bonds, Lloyds Bank,NatWest Markets and RBC Capital Markets are leading the way and over the same period in dollar covered bonds, TD Securities, HSBC and RBC Capital Markets are in first second and third place with market respective shares of 15.4%, 13.4% and 12.9%.

Based on issuance jurisdictions, DZ Bank has worked on the most German covered bonds followed in descending order by UniCredit and Commerzbank. But excluding lead managers that also issue Pfandbrief, HSBC, Natixis and Crédit Agricole are leading the way.

For French covered bond issuance, it is Natixis, Crédit Agricole and Société Générale CIB ranking first, second and third. 

RBC Capital Markets is the leading bank for Canadian covered bond supply in the past 12 months, followed by HSBC and TD Securities.

Lloyds Bank, RBC Capital Markets and TD Securities are ranked first, second and third for all UK bank covered bond issuance. HSBC, which does not issue UK covered bonds, is in fourth place.

UniCredit, Crédit Agricole and Intesa Sanpaolo rank first second and third among all Italian covered bonds issued in the last 12 months. However, these three are also issuers in their own right. Excluding Italian issuers the best foreign banks are NatWest Markets, Société Générale CIB and Deutsche Bank.

See below for the full rankings.

Dealogic League Tables

All covered bonds last 12 months

Position BookrunnerDeal value $ bnNo of deals% market share

Euro covered bonds €500m and above, last 12 months

PositionBookrunner€ bnNo of Deals% market share 
3Natixis8.25 466.0
4Credit Agricole

All Sterling covered bonds, last 12 months

Position Bookrunner£ bnNo of deals% Market share
1Lloyds Bank2.151215.1
2NatWest Markets2.041314.4
3RBC Capital Markets
4TD Securities2.021114.3

All dollar covered bonds, last 12 months



$ bn

No of deals

% Market share


TD Securities 










RBC Capital Markets














All German covered bonds, last 12 months

Position Bookrunner$ bnNo of deals% Market share
1DZ Bank 3.10267.9
3Commerzbank Group

All French covered bonds, last 12 months

Position Bookrunner$ bnNo of deals% Market share
1Natixis  3.492010.8
2Credit Agricole2.82138.7
3Societe Generale

All Canadian covered bonds, last 12 months

Position Bookrunner$ bnNo of deals% Market share
1RBC Capital Markets3.641012.6
3TD Securities

All UK covered bonds, last 12 months

Position Bookrunner$ bnNo of deals% Market share
1Lloyds Bank3.311413.1
2RBC Capital Markets2.721110.8
3TD Securities
5NatWest Markets1.9597.7

All Italian covered bonds, last 12 months

Position Bookrunner$ bnNo of deals% Market share
2Credit Agricole0.7355.4
3Intesa Sanpaolo
4NatWest Markets0.6354.7
5Societe Generale0.6344.7

Covered bond awards survey

If you would like see how these banks are featured in this year's Covered Bond Award shortlists, please take a look here. If you would like to vote on any of these banks please click through to the 2019 Covered Bond Awards survey.

By Bill Thornhill
31 Jul 2019