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COVERED BOND AWARDS

The only comprehensive awards dedicated to covered bonds

Winners voted by the market

COVERED BOND AWARDS

The only comprehensive awards dedicated to covered bonds

Winners voted by the market

Tabs
About the Awards
Awards process
Awards categories
2025 winners
Why sponsor
Why attend
The most prestigious awards dedicated to the covered bond market
Intro

The Covered Bond Awards honour and celebrate the best banks, issuers, deals and other market participants for their achievements in the covered bond market.

Uniquely, the winners are voted by the market through a two-stage process. Market participants are invited to nominate deals, institutions and people for inclusion on the shortlist. The shortlist is then opened to a market vote to choose the winners. This means that the award winners are chosen by the market, for the market.

Held each year following the ECBC Covered Bond Congress, the awards ceremony brings together senior covered bond executives to network and celebrate success. The winners are revealed live at the ceremony, and the following day on the GlobalCapital website.

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Award Timeline
Timeline

Nominations


May, 2026

Shortlist


June, 2026

Voting


June - July, 2026

Ceremony


September, 2026 Seville

Sponsors
2025 Lead sponsor

BGC Group, Inc. is a global financial services and technology company. It operates as a brokerage and financial technology firm, specializing in trading execution and technology solutions across a variety of financial products. Headquartered in New York City and London, BGC Group has a global presence with offices in major financial centres worldwide.

BGC Group provides brokerage services for a wide array of financial products, including fixed income, foreign exchange, equities, energy, commodities, shipping, and futures.

BGC Group leverages cutting-edge technology to enhance its brokerage services and offer innovative solutions to its clients.

BGC Group's clientele includes major global banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms. For more information, please visit: BGC Group

2025 Platinum event partner

Founded in 1819 as the first Austrian savings bank, Erste Group went public in 1997 with a strategy to expand its retail business into Central and Eastern Europe. Since then Erste Group has grown to become one of the largest financial services providers in the Eastern part of Europe in terms of clients and total assets.

In addition to its traditional strength in serving private individuals, Erste Group also regards advisory services and support for corporate clients in financing, investment and access to international capital markets, public sector funding and interbank market operations as belonging to its core activities.

With its unique and direct access to the Austrian savings bank sector combined with a pan-European sales network, Erste Group plays a leading role in the Euro Covered Bond market and consistently ranks among the top bookrunners in this asset class.

For more information, please visit: Erste Group

2025 Gold event partners
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The winners of the Covered Bonds are decided based on a two-stage poll of market participants. During the first stage, market participants are invited to put forward themselves, their colleagues, their clients or their peers forward to be shortlisted. Using these nominations, the GlobalCapital editorial team will compile a shortlist in each category. This is then opened to voting by the market to choose the winners.

A full explanation of each stage of the process is below.

Before taking part, please ensure you have reviewed the full award guidelines and rules.

Drop downs
  • Nominations

    During the call for nominations, those active in the covered bond market are invited to tell us about the deals, issuers and banks that deserve recognition during the awards period. Up to three nominations for each award category listed can be recommended by anyone with a strong interest in covered bonds.

    At this stage, you may put forward your own deals and organisation, though we encourage you to nominate widely outside your own institution too.

    Using these recommendations, the GlobalCapital editorial team will compile a shortlist in each category. This is decided at our discretion, but your nominations are a key part of the decision-making process. This shortlist will be opened to a market vote to choose the winners throughout June.
  • Voting

    Based on recommendations made by the market during the call for nominations, GlobalCapital will compile a shortlist of nominees for each award category. Market participants are invited to vote on this shortlist to choose the winners.

    Who can vote?

    To ensure a fair and representative process, eligibility to vote is defined as follows:

    • Lead Managers must have syndicated at least one publicly distributed benchmark covered bond between August 1, 2024, and June 2, 2025.
    • Issuers must have launched at least one publicly placed transaction of €250 million or more within the past 18 months.
    • Investors must have been active in the covered bond market between August 2024 and June 2025 — those with higher activity levels will have greater voting weight.

    Voting guidelines:

    • One vote per institution.
    • The asset management, treasury and investment banking divisions within the same group can vote respectively as investor, issuer and lead manager, provided they meet the eligibility requirements listed below.
    • Banks within a single network will be considered as a single institution.
    • Block voting, for one institution across all categories it has been nominated in, is not permitted.
    • Voting for your own institution is not permitted.

    Confidentiality & integrity

    GlobalCapital will keep your votes strictly anonymous, and we ask that you do the same. While you may share the survey and encourage market contacts to vote, you may not:

    • Verify whether they have voted.
    • Complete the vote on their behalf.
    • Discuss how you or others are voting outside your own organisation.
2025 Covered Bond Awards vote breakdown
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The categories for the 2025 GlobalCapital Covered Bond Awards have been carefully selected to reflect the latest trends, changes and key growth areas in the industry.

Please note the awards period covers between August 1, 2024 and June 1, 2025.

  • Deal Awards

    Deal of the Year


    Best Innovative Deal (This award is for using diverse or new funding products and techniques, structures, call schedules, investor relations work, ESG activities, etc)


    Best ESG Deal


    Best Debut or Returning Deal


    Best Swiss franc Deal


    Best Sterling Deal


    Best Dollar Deal


    Best Euro Deal


    Best Sub-Benchmark Deal
  • Individual Awards

    Best Syndicate Banker


    Best Funding Official


    Covered Bonds Rising Star (This award is for any participant in the covered bond markets with less than 10 years’ experience)


    Lifetime Achievement Award (We welcome nominations in this category, however the winner will be chosen by GlobalCapital)
  • Issuer Awards

    Issuer of the Year


    Best ESG Issuer


    Best Eurozone Issuer


    Best non-Eurozone Issuer
  • Lead Manager Awards

    Lead Manager AwardsCovered Bond House of the Year


    Emerging Force in Covered Bonds (This award is for the bank that has most impressed you by improving its market presence to emerge as a strong player)


    Best Euro Lead Manager


    Best Dollar Lead Manager


    Best Sterling Lead Manager


    Best Non-core Currency Lead Manager


    Best Sub-Benchmark Lead Manager


    Best MTN Dealer for Covered Bonds


    Best Syndicate Bank


    Best Covered Bond Research


    Best Liquidity Provider


    Best Bank for Distribution


    Best Bank for Structuring & ALM


    Best Bank for Using Technology in Primary Bond Markets


    Best Bank for ESG Issuers


    Best Bank for Inaugural Issuers
  • Platform Service Providers Awards

    Investor of the Year


    Best Rating Agency


    Best Second Party Opinion Provider


    Best Law Firm


    Best Primary Market Technology Platform for Covered Bonds


    Best Electronic Secondary Market Trading Platform for Covered Bonds


    Best Corporate Trust Provider
  • Individual Awards

    Best Syndicate Banker


    Best Funding Official


    Covered Bonds Rising Star (This award is for any participant in the covered bond markets with less than 10 years’ experience)


    Lifetime Achievement Award (We welcome nominations in this category, however the winner will be chosen by GlobalCapital)
View the winners of the 2025 GlobalCapital Covered Bond Awards

Congratulations to all our nominees and winners! A huge thank you to everyone who contributed to the 2025 GlobalCapital Covered Bond Awards by voting.

The 2025 winners represent the very best of the talent and innovation driving the covered bond market forward.

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The 2025 winners
  • Special Awards

    Lifetime Achievement
    Winner: Steffan Dalmer — JP Morgan

    Winner: Colin Chen
  • Deal Awards

    Deal of the Year
    Winner: LBBW €1bn 2.625% February 2030

    Berlin Hyp €1bn 2.625% February 2029 and €500m 2.75% November 2032 green

    BPCE €1.25bn 3% March 2032

    Toronto Dominion €1bn September 2027 floater, €1.75bn 2.776% September 2027 and €1.5bn 2.862% April 2031

    Westpac €1.5bn 2.585% May 2030
    Best Euro Deal
    Winner: Bausparkasse Schwaebisch Hall €500m 2.875% January 2031

    BPCE €1.25bn 3% March 2032

    Caisse de Refinancement de l'Habitat €1.75bn 2.75% February 2032

    Deutsche Kreditbank €500m 3% February 2040 social

    Toronto Dominion €1bn September 2027 floater, €1.75bn 2.776% September 2027 and €1.5bn 2.862% April 2031
    Best Dollar Deal
    Winner: Bank of Novia Scotia $1.75bn 4.299% March 2028

    CIBC $1.5bn 4.876% January 2030

    Commonwealth Bank of Australia $1.5bn 4.971% January 2030

    Korea Housing Finance Corporation $400m May 2030 floater

    Santander UK $1bn 4.496% December 2027
    Best Sterling Deal
    Winner: Nationwide Building Society £1n January 2030

    Commonwealth Bank of Australia £1bn October 2027

    Coventry Building Society £600m January 2030

    Paragon Bank £500m March 2028 buy-to-let mortgage

    Skipton Building Society £500m January 2030
    Most Innovative Deal
    Winner: Berlin Hyp €100m 2.75% July 2027 blockchain-based digital bond

    Deutsche Kreditbank €500m 3% February 2040 social

    KEB Hana €500m 2.875% January 2028 sustainability

    Lloyds Bank GmbH €500m 2.75% September 2029

    Paragon Bank £500m March 2028 buy-to-let mortgage
    Best ESG Deal
    Winner: NordLB €1bn 2.625% October 2028 green

    Berlin Hyp €500m 2.75% November 2032 green

    Caja Rural de Navarra €500m 3% April 2033 sustainable

    Credit Agricole €1.25bn 2.625% February 2031 social

    Deutsche Kreditbank €500m 3% February 2040 social
    Best Debut or Returning Deal
    Winner: Danish Ship Finance €500m 3.25% March 2031

    ASB Bank €500m 2.971% March 2030

    CCF Holding €1bn 3% April 2030

    Lloyds Bank GmbH €500m 2.75% September 2029

    Paragon Bank £500m March 2028 buy-to-let mortgage
    Best Sub-Benchmark deal
    Winner: Kreissparkasse Köln €250m 2.75% February 2030 green

    Coop Pank €250m 3.125% March 2029

    Raiffeisenverband Salzburg €250m 2.625% February 2031
  • Issuer Awards

    Issuer of the Year
    Winner: LBBW

    BPCE

    CIBC

    Crédit Agricole CIB

    Toronto Dominion
    Best Eurozone Issuer
    Winner: BPCE

    Caffil

    Crédit Agricole CIB

    DZ Hyp

    LBBW
    Best non-Eurozone Issuer
    Winner: Toronto Dominion

    CIBC

    Commonwealth Bank of Australia

    Royal Bank of Canada

    Santander UK
    Best ESG Issuer
    Winner: Berlin Hyp

    Caffil

    Caja Rural de Navarra

    Crédit Agricole

    Deutsche Kreditbank
  • Lead Manager Awards

    Covered Bond House of the Year
    Winner: LBBW

    Commerzbank

    Crédit Agricole CIB

    Erste Group

    Natixis
    Best Euro Lead Manager
    Winner: LBBW

    Crédit Agricole CIB

    DZ Bank

    Erste Group

    Natixis
    Best Dollar Lead Manager
    Winner: HSBC

    BMO Capital Markets

    RBC Capital Markets

    Toronto Dominion
    Best Sterling Lead Manager
    Winner: Barclays

    BMO Capital Markets

    HSBC

    Lloyds

    Nomura
    Best Bank for Inaugural Issuers
    Winner: Barclays

    Erste Group

    Helaba

    LBBW

    Natixis
    Best Bank for Structuring & ALM
    Winner: Barclays

    BNP Paribas

    HSBC

    Natwest
    Best Syndicate Bank
    Winner: DZ Bank

    Crédit Agricole CIB

    Erste Group

    LBBW

    Natixis
    Best Bank for Using Technology in Primary Bond Markets
    Winner: DZ Bank

    DekaBank

    LBBW

    Société Générale
    Best Sub-Benchmark Lead Manager
    Winner: DZ Bank

    DekaBank

    Erste Group

    Helaba

    LBBW
    Best Bank for Distribution
    Winner: Erste Group

    Barclays

    DZ Bank

    LBBW

    Natixis
    Best Bank for ESG Issuers
    Winner: Crédit Agricole CIB

    ABN Amro

    DZ Bank

    ING

    Natixis
    Best Covered Bond Research
    Winner: Crédit Agricole CIB

    Barclays

    Commerzbank

    Deutsche Bank

    NordLB
    Best Liquidity Provider
    Winner: JP Morgan

    NatWest

    Santander

    UBS
    Best MTN Dealer for Covered Bonds
    Winner: JP Morgan

    Helaba

    LBBW

    Natixis

    NordLB
    Best Non-Core Currency Lead Manager
    Winner: UBS

    Barclays

    National Australia Bank

    Nomura
    Emerging Force in Covered Bonds
    Winner: Helaba
  • Platform Service Provider Awards

    Investor of the Year
    Winner: Nordea Asset Management

    Central Bank of Slovakia

    Commerzbank Treasury

    Nationwide Treasury

    Union Invest
    Best Law Firm
    Winner: Linklaters

    A&O Shearman

    Clifford Chance

    Mayer Brown

    White & Case
    Best Rating Agency
    Winner: Moody’s Ratings

    Fitch Ratings

    Morningstar DBRS


    Scope Ratings
    S&P Global Ratings
    Best Corporate Trust Providers
    Winner: BNP Paribas Securities Services

    BNY Mellon Corporate

    Trustee Services Limited

    HSBC Issuer Services
    Best Second Party Opinion Provider
    Winner: ISS-Corporate

    Moody’s Ratings

    Sustainalytics
    Best Primary Market Technology for Covered Bonds
    Winner: Ipreo IssueNet

    BOTS (Bond Origination Technologies)

    Origin Markets
    Best Electronic Trading Platform for Covered Bonds
    Winner: Bloomberg

    MarketAxess

    Tradeweb
  • Individual Awards

    Best Syndicate Banker
    Winner: Mladen Djurdjevic, Erste Group

    Vincent Hoarau, Crédit Agricole CIB

    George Kalbin, Barclays

    Damian Saunders, BNP Paribas

    Alexandre Trulli, Natixis

    Alberto Maria Villa, UniCredit
    Covered Bonds Rising Star
    (For any participant in the covered bond markets with less than 10 years’ experience)


    Winner: Jil Janssen, LBBW

    Hemang Hirani, Barclays

    Katharina Hofmann, RBI

    Mathilde Lopez, Natixis

    Tara Parmar, BBVA

    Lukas Schuster, Helaba

    Yannick Wiggert, LBBW
    Best Funding Official
    Winner: Bodo Winkler-Viti, Berlin Hyp

    Aurelien Harff, Crédit Agricole CIB

    Marc Nocart, CRH

    Cedric Perrier, BPCE

    Thor Tellefsen, DNB
2025 Lead sponsor
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2025 Platinum event partner
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2025 Gold event partners
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Become a sponsor

Put your organisation at the forefront of the most prestigious celebrations in the covered bond market.

We offer tailored sponsorship packages designed to further elevate your organisation's positioning and visibility. Whether you're looking to build brand awareness, connect with key decision makers, or showcase your expertise, there's a sponsorship opportunity designed to meet your goals.

Please speak with a member of our team to find out which sponsorship opportunity best suits your organisation and to request pricing.

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Attend the most prestigious awards night dedicated to the covered bond market

Awards ceremony in September, 2026 | Seville

The Covered Bond Awards ceremony will bring together notable executives and senior professionals from across all corners of the covered bond market for an evening of networking, recognition and celebration.

The ceremony provides an opportunity to honour the brightest and the best within the industry and to raise a glass to this year's winners.

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Our attendance packages

We offer three attendance packages: Platinum, Gold, and Associate, each providing varying levels of visibility and prestige.

Please speak with a member of our team to explore which package best suits your organisation and to request pricing. Limited seats available.

Contacts

Sponsorship & attendance


Holly James, Head of Business Development

holly.james@globalcapital.com

Awards enquiries


Ekta Kharat, Awards and Market Intelligence Research Analyst

Ekta.Kharat@globalcapital.com

Awards enquiries


Sara Leech, Director of Events and Commercial Content

sara.leech@globalcapital.com