French covered bond issuers sate demand at the long end

The public sector-owned French covered bond issuers, Caffil and La Banque Postale, returned to the covered bond market to issue two of the three 10 year deals seen this week. The deals were comfortably oversubscribed and provided exceptionally cheap funding for both issuers.

  • By Bill Thornhill
  • 10 Jan 2014

At its final spread of 28bp over mid-swaps, La Banque Postale’s transaction looked generous relative to other outstanding deals in the secondary market but was in fact the cheapest primary funding for any French 10 year since February 2008.

At 36bp over mid-swaps, Caffil was unable to match that ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 11,789.48 61 6.03%
2 UniCredit 9,672.56 77 4.94%
3 BNP Paribas 9,051.42 45 4.63%
4 Commerzbank Group 8,371.43 55 4.28%
5 LBBW 8,276.69 51 4.23%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 105,250.27 441 6.82%
2 Citi 98,660.81 571 6.39%
3 Goldman Sachs 95,673.87 531 6.20%
4 Bank of America Merrill Lynch 93,136.34 403 6.03%
5 JPMorgan 88,684.81 426 5.75%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 84,201.33 440 10.76%
2 Bank of America Merrill Lynch 75,241.97 344 9.62%
3 Morgan Stanley 74,178.45 327 9.48%
4 JPMorgan 74,072.86 330 9.47%
5 Goldman Sachs 73,760.37 449 9.43%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,645.35 19 6.27%
2 Credit Agricole CIB 5,608.30 21 6.23%
3 LBBW 5,605.63 20 6.23%
4 SG Corporate & Investment Banking 5,543.24 22 6.16%
5 Commerzbank Group 4,949.16 20 5.50%

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 9,461.63 27 12.16%
2 HSBC 9,214.48 38 11.84%
3 BNP Paribas 6,278.15 28 8.07%
4 Citi 4,542.03 36 5.84%
5 Credit Suisse 4,325.15 22 5.56%