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Market-making is doomed: get used to it

The crisis in covered bond market-making last week has not been repaired by the European Covered Bond Council’s decision to persist with the system this week. The market should realise commitments are failing, and it would be better served with a freer system.

  • 10 Sep 2007

Market-making agreements are a famous selling point of the jumbo covered bond market. Dealers commit to trade the bonds with each other at a fixed bid/offer spread, depending on maturity.

The trouble is, when bad times come and spread widen sharply, banks are unwilling to keep buying covered bonds ...

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Bond Comments

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Citi 44.89 154 8.67%
2 JPMorgan 38.43 144 7.42%
3 BofA Securities 30.55 121 5.90%
4 Barclays 29.38 116 5.68%
5 Goldman Sachs 25.17 88 4.86%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 HSBC 0.69 5 12.72%
2 Goldman Sachs 0.59 2 10.80%
3 BofA Securities 0.52 4 9.65%
4 Credit Suisse 0.48 3 8.80%
5 Sumitomo Mitsui Financial Group 0.36 3 6.59%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Morgan Stanley 1.17 7 12.02%
2 JPMorgan 1.06 8 10.91%
3 Citi 0.98 7 10.10%
4 Goldman Sachs 0.84 4 8.68%
5 Barclays 0.78 8 7.99%