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
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 more than 100 senior covered bond professionals 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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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.
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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 — August 1 2024 to June 1 2025. 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.
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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.
- Lead Managers must have syndicated at least one publicly distributed benchmark covered bond between August 1, 2024, and June 2, 2025.
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.
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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 AwardsBest 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)
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Issuer of the Year
Best ESG Issuer
Best Eurozone Issuer
Best non-Eurozone Issuer
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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
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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
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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)
Congratulations to all our nominees and winners! A huge thank you to everyone who contributed to the 2024 GlobalCapital Covered Bond Awards by voting.
The 2024 winners represent the very best of the talent and innovation driving the covered bond market forward.
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Lifetime AchievementWinner: Wojtek Niebrzydowski — CIBC Capital MarketsEditor's ChoiceWinner: BMO Capital Markets
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Deal of the YearWinner: Toronto Dominion €2bn February 2027 floater, €2.5bn 3.191% February 2029 and €1bn 3.247% February 2034
BPER Banca €500m 3.25% January 2031
Caffil €500m 3.125% May 2039
Nordea €750m January 2027 floater and €1bn 3% January 2031
Société Générale SFH €1.25bn 3% February 2027 and €1bn 3.125% February 2036Best Pioneering Deal(This Award is for using diverse or new funding products and techniques, structures, call schedules, investor relations work, ESG activities, etc)
Winner: Novo Banco €500m 3.25% March 2027
Hamburg Commercial Bank €500m 3.625% January 2026 ship
Santander €500m 3.125% May 2029 export finance Cédulas
Toronto Dominion €750m September 2026 floater, €1.5bn 3.765% September 2026 and €1bn 3.666% September 2031
UBS Sfr150m 1.5075% May 2029 digitalBest ESG DealWinner: BPCE €1.5bn 3.125% May 2034 green
Bausparkasse Schwaebisch Hall €500m 2.875% January 2029 green
Berlin Hyp €500m 2.75% February 2027 green
Equitable Bank €500m 3.5% May 2027 social
Korea Housing Finance Corporation €500m 3.124% March 2029 socialBest Debut or Returning DealWinner: UBS Switzerland €1bn 3.304% March 2029
Banca Monte Dei Paschi di Siena €750m 3.5% April 2029
Bausparkasse Schwaebisch Hall €500m 2.875% January 2029 green debut
Novo Banco €500m 3.25% March 2027
TSB Bank €500m 3.319% March 2029Best Swiss franc DealWinner: UBS Switzerland Sfr350m 1.82% October 2026 and Sfr470m 2.035% October 2033
Fédération des caisses Desjardins du Québec (CCDJ) Sfr265m 1.355% April 2027 and Sfr175m 1.42% April 2030
Korea Housing Finance Corporation Sfr200m 1.778% February 2027 and Sfr150m 1.845% February 2030
Lloyds Bank Sfr440m 1.87% August 2028Best Sterling DealWinner: Barclays £500m March 2029
ANZ £1bn December 2026
DBS Bank £1bn May 2027
NatWest Bank £750m March 2029
Nationwide Building Society £750m October 2030Best Dollar DealWinner: LBBW $600m 4.875% February 2028
Commonwealth Bank of Australia $1.75bn 5.071% September 2028
Deutsche Pfandbriefbank $550m 5.25% December 2026
Nationwide Building Society $1.5bn 5.264% November 2026
RBC $2bn 4.851% December 2026Best Euro DealWinner: Toronto Dominion €2bn February 2027 floater, €2.5bn 3.191% February 2029 and €1bn 3.247% February 2034
Caffil €500m 3.125% May 2039
CRH €1.75bn 2.875% March 2031
Nationwide Building Society €500m May 2027 floater and €500m 3.309% May 2034
Rabobank €1bn 3.202% May 2036
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Issuer of the YearWinner: BPCE
Caffil
Crédit Agricole
Nationwide Building Society
Toronto DominionBest ESG IssuerWinner: Berlin Hyp
BPCE
Caffil
Equitable
Korea Housing Finance CorporationBest Eurozone IssuerWinner: BPCE
Caffil
CRH
LBBW
RabobankBest non-Eurozone IssuerWinner: Toronto Dominion
Fédération des caisses Desjardins du Québec (CCDJ)
DBS Bank
Nationwide Building Society
Santander UK
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Covered Bond House of the YearWinner: LBBW
Crédit Agricole CIB
ING
Natixis
UniCreditBest Euro Lead ManagerWinner: LBBW
Commerzbank
Crédit Agricole CIB
Natixis
UniCreditBest Dollar Lead ManagerWinner: RBC Capital Markets
BMO Capital Markets
TD SecuritiesBest Sterling Lead ManagerWinner: Barclays
BMO Capital Markets
HSBC
Lloyds
NatWest MarketsBest Syndicate BankWinner: Erste Group
BNP Paribas
Crédit Agricole CIB
Natixis
UniCreditBest Covered Bond ResearchWinner: Crédit Agricole CIB
Barclays
CommerzbankBest Liquidity ProviderWinner: J.P. Morgan
ING
SantanderBest Bank for DistributionWinner: Erste Group
Barclays
DZ Bank
Helaba
LBBWBest Bank for Structuring & ALMWinner: Barclays
BNP Paribas
HSBC
NatWest Markets
UBSBest Bank for Using Technology in Primary Bond MarketsWinner: BNP Paribas
Société Générale
UBSBest Bank for ESG IssuersWinner: Crédit Agricole CIB
HSBC
ING
Natixis
NatWest MarketsBest Bank for Inaugural IssuersWinner: Barclays
BNP Paribas
Erste
Helaba
LBBW
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Investor of the YearWinner: Commerzbank Treasury
BNY Mellon Corporate Treasury
Nordea IM
Norges
Union InvestBest Rating AgencyWinner: Moody’s Ratings
Fitch Ratings
S&P GlobalBest Second Party Opinion ProviderWinner: Sustainalytics
ISS ESGBest Law FirmWinner: Clifford Chance
A&O Shearman
Linklaters
White & CaseBest Electronic Trading Platform for Covered BondsWinner: Bloomberg
MarketAxess
TradewebBest Corporate Trust ProvidersWinner: BNP Paribas Securities Services
Deutsche Bank Trust and Agency Service
HSBC Issuer Services
BNY Mellon Corporate Trustee Services Limited
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Best Syndicate BankerWinner: Mladen Djurdjevic, Erste Group
Vincent Hoarau, Crédit Agricole CIB
Ken Loesken, ING
Damian Saunders, BNP Paribas
Alex Trulli, Natixis
Alberto Villa, UniCreditBest Funding OfficialWinner: Cedric Perrier, BPCE
Cameron Joynt, Toronto Dominion
Petra Mellor, Nordea
Marc Nocart, CRH
Thor Tellefsen, DNBCovered Bonds Rising Star(for any participant in the covered bond markets with less than 10 years’ experience)
Winner: Maxim Börsig, Erste Group
Winner: Florian Gritzky, Erste Group
Mathilde Lopez, Natixis
Maria Kasatkina, Berlin Hyp
Tara Parmar, Nationwide Building Society
Anthony Patureau, ING
Suraj Sheth, Barclays
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.
Awards ceremony on September 18, 2025 | Seville
The Covered Bond Awards ceremony will bring together more than 100 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.
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.