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 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.
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
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
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. 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 -
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)
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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 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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Lifetime AchievementWinner: Steffan Dalmer — JP Morgan
Winner: Colin Chen
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Deal of the YearWinner: 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 2030Best Euro DealWinner: 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 2031Best Dollar DealWinner: 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 2027Best Sterling DealWinner: 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 2030Most Innovative DealWinner: 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 mortgageBest ESG DealWinner: 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 socialBest Debut or Returning DealWinner: 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 mortgageBest Sub-Benchmark dealWinner: Kreissparkasse Köln €250m 2.75% February 2030 green
Coop Pank €250m 3.125% March 2029
Raiffeisenverband Salzburg €250m 2.625% February 2031
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Issuer of the YearWinner: LBBW
BPCE
CIBC
Crédit Agricole CIB
Toronto DominionBest Eurozone IssuerWinner: BPCE
Caffil
Crédit Agricole CIB
DZ Hyp
LBBWBest non-Eurozone IssuerWinner: Toronto Dominion
CIBC
Commonwealth Bank of Australia
Royal Bank of Canada
Santander UKBest ESG IssuerWinner: Berlin Hyp
Caffil
Caja Rural de Navarra
Crédit Agricole
Deutsche Kreditbank
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Covered Bond House of the YearWinner: LBBW
Commerzbank
Crédit Agricole CIB
Erste Group
NatixisBest Euro Lead ManagerWinner: LBBW
Crédit Agricole CIB
DZ Bank
Erste Group
NatixisBest Dollar Lead ManagerWinner: HSBC
BMO Capital Markets
RBC Capital Markets
Toronto DominionBest Sterling Lead ManagerWinner: Barclays
BMO Capital Markets
HSBC
Lloyds
NomuraBest Bank for Inaugural IssuersWinner: Barclays
Erste Group
Helaba
LBBW
NatixisBest Bank for Structuring & ALMWinner: Barclays
BNP Paribas
HSBC
NatwestBest Syndicate BankWinner: DZ Bank
Crédit Agricole CIB
Erste Group
LBBW
NatixisBest Bank for Using Technology in Primary Bond MarketsWinner: DZ Bank
DekaBank
LBBW
Société GénéraleBest Sub-Benchmark Lead ManagerWinner: DZ Bank
DekaBank
Erste Group
Helaba
LBBWBest Bank for DistributionWinner: Erste Group
Barclays
DZ Bank
LBBW
NatixisBest Bank for ESG IssuersWinner: Crédit Agricole CIB
ABN Amro
DZ Bank
ING
NatixisBest Covered Bond ResearchWinner: Crédit Agricole CIB
Barclays
Commerzbank
Deutsche Bank
NordLBBest Liquidity ProviderWinner: JP Morgan
NatWest
Santander
UBSBest MTN Dealer for Covered BondsWinner: JP Morgan
Helaba
LBBW
Natixis
NordLBBest Non-Core Currency Lead ManagerWinner: UBS
Barclays
National Australia Bank
NomuraEmerging Force in Covered BondsWinner: Helaba
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Investor of the YearWinner: Nordea Asset Management
Central Bank of Slovakia
Commerzbank Treasury
Nationwide Treasury
Union InvestBest Law FirmWinner: Linklaters
A&O Shearman
Clifford Chance
Mayer Brown
White & CaseBest Rating AgencyWinner: Moody’s Ratings
Fitch Ratings
Morningstar DBRS
Scope Ratings
S&P Global RatingsBest Corporate Trust ProvidersWinner: BNP Paribas Securities Services
BNY Mellon Corporate
Trustee Services Limited
HSBC Issuer ServicesBest Second Party Opinion ProviderWinner: ISS-Corporate
Moody’s Ratings
SustainalyticsBest Primary Market Technology for Covered BondsWinner: Ipreo IssueNet
BOTS (Bond Origination Technologies)
Origin MarketsBest Electronic Trading Platform for Covered BondsWinner: Bloomberg
MarketAxess
Tradeweb
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Best Syndicate BankerWinner: Mladen Djurdjevic, Erste Group
Vincent Hoarau, Crédit Agricole CIB
George Kalbin, Barclays
Damian Saunders, BNP Paribas
Alexandre Trulli, Natixis
Alberto Maria Villa, UniCreditCovered 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, LBBWBest Funding OfficialWinner: Bodo Winkler-Viti, Berlin Hyp
Aurelien Harff, Crédit Agricole CIB
Marc Nocart, CRH
Cedric Perrier, BPCE
Thor Tellefsen, DNB
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 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.
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.
Awards enquiries
Ekta Kharat, Awards and Market Intelligence Research Analyst