Investors fret as cheap cash fuels exploding covered bond market

Leading covered bond investors expressed fears that the covered bond market is overheating as issuers this week launched deals at ever tighter levels despite supply reaching levels rarely reached in the history of the market.

  • 25 Sep 2009

This week has been the busiest in terms of number of new issues and by volume since the crisis began, with six deals amounting to Eu8.75bn priced by Thursday.

Only one week — in mid-June 2007 — has there been more issues, according to Dealogic, while other analysts ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 256,148.23 1150 8.47%
2 Citi 233,269.04 972 7.71%
3 Bank of America Merrill Lynch 199,858.12 820 6.61%
4 Barclays 184,544.19 754 6.10%
5 Goldman Sachs 144,972.37 604 4.79%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 31,351.09 133 7.82%
2 Credit Agricole CIB 27,347.56 115 6.82%
3 JPMorgan 23,350.32 62 5.83%
4 Bank of America Merrill Lynch 22,838.09 62 5.70%
5 UniCredit 19,966.03 111 4.98%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 8,160.55 49 10.09%
2 Morgan Stanley 7,744.92 38 9.57%
3 Goldman Sachs 6,966.15 37 8.61%
4 Citi 5,856.44 44 7.24%
5 UBS 4,820.17 25 5.96%