Top stories
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Santander UK turns to sterling after results
Santander's UK subsidiary became the latest financial institution from the country to market bonds in sterling on Thursday. The final spread was barely moved from initial thoughts.
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EU insolvency laws are ‘major obstacle’ to Banking Union, says SRB
The Single Resolution Board published a statement on Thursday in which it called on EU legislators to support its work in dealing with failing banks by harmonising the region’s various insolvency laws.
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Canada takes 'hard look' at covered bond limit
Canada’s office of the superintendent of financial institutions (OSFI) is expected to raise limits on covered bond issuance, paving the way for additional supply from established and new names.
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Deutsche Bank calls time on global adventure with deep cuts to US business
Deutsche Bank unveiled another major restructuring on Thursday, rebranding itself as a European bank with global reach, and promising to cut back on local commitments in the US and Asia, as well as slashing US rates, global equities, and prime finance. The announcement came alongside result one analyst described as “a relatively poor set even by Deutsche Bank standards”.
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Santander hires Jonas to replace Jonas on covered trading
Santander has hired a new covered bond trader who shares the same name as the trader it recently lost.
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Skipton scores solid sterling success in covereds
Skipton Building Society issued its inaugural covered bond on Wednesday at a good size and a fair spread. The sale follows a pattern of wholesale funding diversification for the borrower that began last year.
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Rural roars with sustainable Cédulas
Caja Rural de Navarra (CRN) priced the first Spanish covered bond in almost three months flat to its curve and with the highest subscription ratio of any investment grade (IG) covered bond issued this year. The recently upgraded sustainable offering, which was rated six notches above the Kingdom of Spain, also offered a rare spread pick-up over the sovereign.
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Metro plans bond but analysts focus on equity needs
Metro Bank, the UK challenger lender, said on Wednesday that it was expecting to issue tier two this year. But analysts thought it was equity that the bank would be pushed to raise, as its common equity tier one (CET1) ratio dropped further.
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Investors win Lloyds battle but pref share war rages on
Investors were relieved to hear on Wednesday that Lloyds Bank had no plans to cancel its "iredeemable" preference shares at par, but those invested in the market are fixed on clarifying their position under UK law.
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European Parliament hoists the green flag
In the three-legged race that is European lawmaking, one of the legs has just made a big stride forward in sustainable finance policy, publishing the most ambitious plan so far.
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Sør goes ‘good and tight’ for debut senior
Sparebanken Sør was able to get a ‘good and tight’ print on its first outing in the euro market for senior unsecured debt on Monday.
Go to GlobalCapital's FIG data pages for the most up to date information on the global financial institution bond markets. Find our FIG bond comments, FIG league tables by Dealogic and our priced deals database.
** NEW **
This now includes all the data from TheCover:
Covered Bonds Priced Deals database
Covered Bonds League Table Builder
Comment
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It's time for a dollar covered bond resurgence
The moribund dollar covered bond market is set for a renaissance as the cost advantage compared with other currencies and other sources of wholesale funding has improved. Issuers ought to be renewing alternative sources of demand.
FIG Priced Deals Database
| Issuer | Maturity | Size |
|---|---|---|
|
|
||
| Rabobank | 26-Apr-21 | 750 |
| Rabobank | 26-Apr-21 | 1000 |
| Virgin Money | 24-Apr-26 | 350 |
| Phoenix Group Holdings | 500 | |
| Leeds Building Society | 25-Apr-29 | 200 |
Senior Debt
Bank/Insurance Capital
Covered Bonds
MTNs and CP
People & Markets
Bond Comments
Bookrunners of Global FIG
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 39,079.96 | 117 | 7.06% |
| 2 | JPMorgan | 36,305.96 | 133 | 6.56% |
| 3 | Citi | 35,381.73 | 166 | 6.39% |
| 4 | Goldman Sachs | 34,077.64 | 203 | 6.15% |
| 5 | Morgan Stanley | 31,276.81 | 144 | 5.65% |
Bookrunners of Global Covered Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Natixis | 6,366.81 | 27 | 5.60% |
| 2 | Credit Suisse | 6,294.71 | 32 | 5.54% |
| 3 | UniCredit | 6,112.88 | 36 | 5.38% |
| 4 | HSBC | 5,866.45 | 33 | 5.16% |
| 5 | LBBW | 5,373.19 | 30 | 4.72% |
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Latest news by market and league table performance
Bookrunners of Global Covered Bonds
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Natixis | 6,366.81 | 27 | 5.60% |
| 2 | Credit Suisse | 6,294.71 | 32 | 5.54% |
| 3 | UniCredit | 6,112.88 | 36 | 5.38% |
| 4 | HSBC | 5,866.45 | 33 | 5.16% |
| 5 | LBBW | 5,373.19 | 30 | 4.72% |
Bookrunners of Global FIG
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Bank of America Merrill Lynch | 39,079.96 | 117 | 7.06% |
| 2 | JPMorgan | 36,305.96 | 133 | 6.56% |
| 3 | Citi | 35,381.73 | 166 | 6.39% |
| 4 | Goldman Sachs | 34,077.64 | 203 | 6.15% |
| 5 | Morgan Stanley | 31,276.81 | 144 | 5.65% |
Bookrunners of Dollar Denominated FIG
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 31,329.74 | 93 | 11.21% |
| 2 | Bank of America Merrill Lynch | 30,566.41 | 94 | 10.93% |
| 3 | Citi | 28,565.76 | 128 | 10.22% |
| 4 | Goldman Sachs | 26,794.71 | 174 | 9.59% |
| 5 | Morgan Stanley | 25,834.05 | 111 | 9.24% |
Bookrunners of Euro Denominated Covered Bond Above €500m
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Natixis | 5,582.45 | 20 | 8.97% |
| 2 | Deutsche Bank | 4,163.44 | 13 | 6.69% |
| 3 | UniCredit | 3,902.49 | 16 | 6.27% |
| 4 | LBBW | 3,521.48 | 15 | 5.66% |
| 5 | SG Corporate & Investment Banking | 3,368.88 | 14 | 5.42% |
Global FIG Revenue
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Morgan Stanley | 365.83 | 497 | 7.62% |
| 2 | JPMorgan | 332.66 | 618 | 6.92% |
| 3 | Bank of America Merrill Lynch | 299.89 | 590 | 6.24% |
| 4 | Goldman Sachs | 276.71 | 375 | 5.76% |
| 5 | Citi | 264.54 | 592 | 5.51% |
Bookrunners of European Subordinated FIG
| Rank | Lead Manager | Amount €m | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 4,538.06 | 9 | 13.44% |
| 2 | UBS | 3,374.07 | 13 | 9.99% |
| 3 | BNP Paribas | 2,596.35 | 10 | 7.69% |
| 4 | Credit Agricole CIB | 2,458.47 | 6 | 7.28% |
| 5 | SG Corporate & Investment Banking | 2,055.39 | 8 | 6.09% |
