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 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 117,261.12 337 11.09%
2 Bank of America Merrill Lynch 94,721.79 272 8.96%
3 JPMorgan 92,612.23 269 8.76%
4 Wells Fargo Securities 82,597.19 239 7.81%
5 Credit Suisse 69,442.99 183 6.57%