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 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 80,818.31 235 11.64%
2 Bank of America Merrill Lynch 65,088.22 185 9.37%
3 Wells Fargo Securities 56,145.09 163 8.08%
4 JPMorgan 53,381.65 156 7.69%
5 Credit Suisse 44,872.46 115 6.46%