MuHyp makes history as Pfandbrief spreads near limits

Münchener Hypothekenbank made market history this week by selling the tightest ever euro benchmark covered bond. The borrower took advantage of investors’ desperate hunt for paper, breaking through the sub-Euribor barrier. But the secondary squeeze may have left Pfandbrief spreads with nowhere further to go.

  • 07 Sep 2012
The spectacular print was the culmination of months of spread tightening that has affected covered and senior markets. In senior it has allowed single-A rated issuers to tap the short end of the curve, with buyers eager for the yield those credits can offer. UniCredit and Deutsche Pfandbriefbank ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 6,931.77 33 6.20%
2 LBBW 6,617.58 37 5.92%
3 UniCredit 6,316.04 54 5.65%
4 Natixis 5,053.55 24 4.52%
5 Barclays 4,929.54 27 4.41%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 35,600.89 166 6.97%
2 Bank of America Merrill Lynch 32,632.36 129 6.39%
3 JPMorgan 31,763.70 148 6.22%
4 Morgan Stanley 24,368.78 129 4.77%
5 Goldman Sachs 19,750.77 186 3.87%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 28,638.78 104 12.08%
2 Citi 27,548.82 130 11.62%
3 JPMorgan 25,397.86 116 10.71%
4 Morgan Stanley 18,293.95 91 7.72%
5 Goldman Sachs 15,513.30 161 6.54%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 LBBW 4,463.09 17 7.40%
2 Natixis 4,178.19 15 6.93%
3 HSBC 3,974.99 14 6.59%
4 Credit Agricole CIB 3,965.56 16 6.58%
5 Deutsche Bank 3,304.65 12 5.48%

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 Credit Agricole CIB 3,425.91 10 11.43%
2 UBS 3,334.58 12 11.13%
3 Barclays 3,229.69 10 10.78%
4 BNP Paribas 2,554.19 12 8.52%
5 HSBC 1,877.94 13 6.27%