U.S. Covered Bond Market Near Saturation

Sales in the U.S. of European and Canadian covered bonds are expected to slow as investors appear to be nearing their saturation point.

  • 06 Oct 2011

Sales in the U.S. of European and Canadian covered bonds are expected to slow as investors appear to be nearing their saturation point. John Cerra, managing director at TIAA-Cref, a major investor in the bonds, said 2012 may be the time for issuers to re-evaluate their plans.

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,235.10 31 12.19%
2 Barclays 7,853.42 22 10.36%
3 Bank of America Merrill Lynch 7,473.95 24 9.86%
4 JPMorgan 7,225.34 25 9.54%
5 Wells Fargo Securities 6,258.35 24 8.26%