• CFF at last with threes after Dexia MA’s novel marketing

    Lead managers Calyon, HSBC and Natixis have opened books on a new three year obligations foncières (OF) for Compagnie de Financement Foncier (CFF). The deal’s pricing and reception have given further clues to the shape of the new French issuing world, as well as other top notch covered bonds such as Pfandbriefe.

    • 31 Jan 2008
  • Kookmin postpones Samurai, leaving Korean banks in a fix

    Kookmin Bank, South Korea’s biggest commercial lender, cancelled its debut Samurai bond this week. The move throws into doubt plans by other Korean issuers to tap the yen market for vital funding.

    • 31 Jan 2008
  • Secondary loan trading to fore as credit crunch bites

    • 31 Jan 2008
  • All euro & dollar benchmarks

    • 31 Jan 2008
  • Goodbye Essenhyp and thanks for the memories

    The once-proud name of Hypothekenbank in Essen is taking its last bow with the announcement today that Commerzbank will be merging it into Eurohypo. The disappearance of one of the trailblazers of the jumbo Pfandbrief market was seen as inevitable since last year when Commerzbank made clear its intention to take full control of its part subsidiary and with the resignation of Essenhyp founder and chairman Hubert Schulte-Kemper last March.

    • 31 Jan 2008
  • Euro jumbos

    • 31 Jan 2008
  • Costs keep rising as Dexia MA prints at new wide

    Dexia Municipal Agency has priced its long-awaited Eu2bn long five year deal at 4bp over mid-swaps, redrawing the obligations foncières pricing map and the pricing landscape for other issuers at the tight end of the market.

    • 30 Jan 2008
  • Demographics drive Mexico towards covered bonds

    The IMN covered bond conference concluded yesterday afternoon by looking to the future in a discussion on emerging markets, with representatives from Mexico described the important role they envisage for covered bonds in solving the country’s housing shortage.

    • 30 Jan 2008
  • UK legislation praised as details of revisions emerge

    Major UK covered bond issuers and other market participants yesterday welcomed the legislative approach set to be introduced by HM Treasury in early March and overseen by the Financial Services Authority, on a panel at the IMN covered bond conference in London.

    • 30 Jan 2008
  • Rating agencies look under the umbrella of legislation

    Rating agency representatives yesterday afternoon discussed their various methodologies and the weight they give to legislative backing, a key issue as the market sees new structured issues from Canada and previous structured issuers, such as the UK, on the cusp of introducing a legislative framework.

    • 29 Jan 2008
  • Dutch hipsters resist urge to go German

    Panellists at the IMN covered bond conference voiced their approval today of the Netherlands’ new legislative approach, set to be implemented on 1 July. They defended its principle based approach against charges that a prescriptive law would be more appropriate in the current climate, saying that the flexible framework would prove its worth in the long-run.

    • 29 Jan 2008
  • Dexia MA finds its window at last

    Dexia Municipal Agency is set to price a new five year issue at guidance of 4bp over mid-swaps through ABN Amro, Deutsche Bank and SG CIB, having built a book of over Eu2bn. Read The Cover tomorrow for the full story and the new pricing paradigm for obligations foncières.

    • 29 Jan 2008
  • ECBC sees Packmohr plan as market’s best hope

    The first formal proposals on how to reform market-making in light of its failings in the past six months and to put an end to internecine trading have been sent out by the European Covered Bond Council to its members for comment.

    • 29 Jan 2008
  • Analysts seek more disclosure, like what they see

    Analysts embarked on a perilous quest at the IMN covered bond conference in London yesterday afternoon. Armed only with data and pricing models, they set off in pursuit of relative value, pausing briefly to discuss adequate disclosure.

    • 29 Jan 2008
  • IMN Global Covered Bonds Conference

    Clifford Chance LLP, 10 Upper Bank Street, Canary Wharf, London

    • 28 Jan 2008
  • Canadians not afraid to be seen as boring

    With the covered bond market experiencing the effects of turbulent equity markets and economic gloom from the US, panellists at the IMN covered bond conference in London said that now was the time for a back to basics approach in the market.

    • 28 Jan 2008
  • Market-making reality not quite as bad as the myths

    Delegates at the IMN covered bond conference in London expressed bafflement that an issue that has been the source of much heated discussion was allocated one of the shortest time slots today, but were still treated to a lively performance from the panel on liquidity and secondary market making.

    • 28 Jan 2008
  • Big but easy to miss

    • 28 Jan 2008
  • Covered cup seen half full at IMN conference

    The covered bond market might have been quiet today, but at the IMN conference in London it was standing room only and delegates were greeted by a strong vote of confidence in the product as a panel looked ahead at the market in 2008.

    • 28 Jan 2008
  • Crédit Agricole

    • 25 Jan 2008
  • Credit Market Watchbox, January 25 2008

    • 25 Jan 2008
  • Secondary Loans Award Nominations

    • 25 Jan 2008
  • Samurai market selective, but open for banks

    • 25 Jan 2008
  • Tumbleweed blows across the European FIG market

    • 25 Jan 2008
  • Is Monday too soon for a covered comeback?

    The covered bond market, including possibly a new Spanish name in the pipeline, will be looking to get back on track next week after BN Boligkreditt pulled its inaugural deal at the start of this week. However, there is some doubt as to with which name, and how early, the market could be reopened, given that it is now clear that there is a lack of clarity on market direction on Mondays.

    • 25 Jan 2008
  • Losses bring shame to SocGen but speedy fightback amazes

    Société Générale astonished the world’s financial markets yesterday (Thursday) by announcing the biggest ever loss from a rogue trader — but managed also to give the impression of having fully dealt with the crisis already. EuroWeek spoke to Jean Pierre Mustier, chief executive of SG Corporate and Investment Bank, about the crisis at the institution.

    • 25 Jan 2008
  • Pfandbriefzentrale der Schweizerischen Kantonalbanken

    • 25 Jan 2008
  • KfW

    • 25 Jan 2008
  • ‘Horrible’ start to the week and no market respite in sight

    • 25 Jan 2008
  • Bank of Nova Scotia covets RBC’s price, not BMO’s

    Bank of Nova Scotia, the second largest Canadian bank by market capitalisation, is on a roadshow for its US$15bn covered bond programme, and is keen to follow Royal Bank of Canada (RBC) and Bank of Montreal (BMO) into the covered bond market. But when it comes to pricing, BNS is keen to position itself beside RBC rather than the wider BMO.

    • 25 Jan 2008
  • EnBW International Finance

    • 25 Jan 2008
  • Akademiska Hus

    • 25 Jan 2008
  • Dollars: not cheap, but a price worth paying

    With the euro jumbo market closed in the short term and suffering supply pressures in the medium term, certain issuers have been sounding out the possibility of dollar transactions. Whether anything is possible in dollars is, however, questionable.

    • 24 Jan 2008
  • Westpac wins in Japan as world’s banks turn to lively Samurai mart

    Westpac Banking Corp became the third Australian bank to launch a Samurai bond this week, with a ¥77bn ($723m) five year deal that showed the resilience of the Japanese debt market in the face of global turmoil.

    • 24 Jan 2008
  • All euro & dollar benchmarks excluding self-led deals

    • 24 Jan 2008
  • Quiet covered bond market watches cousin succeed

    The US novelist Gore Vidal famously remarked: “Whenever a friend succeeds, a little something in me dies”. Whilst the covered bond market isn’t being read the last rites, it has endured a quiet week after being sabotaged by a chaotic equities market, and has been forced to look on enviously as a close relation managed to price a Eu1.5bn deal.

    • 24 Jan 2008
  • Setback could be temporary if right name found

    The wild swings in the equity markets this week remain a roadblock to covered bond issuance, but there was guarded confidence from market participants today that this would prove to be a temporary setback. A resilient performance from most covered bonds in the secondary market appeared to support that view this morning.

    • 23 Jan 2008
  • Italian segregation satisfies Fitch, but not BoI role

    Fitch Ratings has delivered its verdict on the legal framework for Italian covered bonds (obbligazioni bancarie garantite) in a research report published today. The rating agency is satisfied by the cover asset segregation in one of the two issuance frameworks, with further information awaited on the second. However, there are concerns at the lack of definition of the Bank of Italy’s (BoI) role as regulator.

    • 23 Jan 2008
  • All covered bonds

    • 22 Jan 2008
  • BN pulls back after taking the plunge

    BN Boligkreditt bowed to the inevitable late yesterday (Monday) and took the decision to postpone its first covered bond, a planned Eu1bn five year issue with guidance of the 15bp area over mid-swaps, after the covered bond market was hit by the shockwaves set off by yesterday’s sell-off in equities.

    • 22 Jan 2008
  • So that’s why the new issue premiums were so high

    Covered bond spreads, which held up well in the face of yesterday’s equity market falls, widened several basis points today. At the tighter end of the spectrum French obligations foncières were said to be some 2bp wider, and Spanish and UK issues about 5bp softer. Weaker German names with recent headline risk attached, such as WestLB and Hypo Real Estate, were said to have suffered, too.

    • 22 Jan 2008
  • Not even BankInter will dare test the water

    There has been speculation that BankInter and its leads are still trying to execute a transaction for the Spanish issuer in spite of the torrid conditions, with several market participants saying that they understood BankInter to be under time pressures in launching its inaugural cédulas hipotecarias, but The Cover understands that this is not the case, and that like other issuers with mandates outstanding, the banks is simply on the look out for opportunities.

    • 22 Jan 2008
  • DnB Nor’s realism ensures speed and size

    Like other issuers to have tapped the covered bond market so far this year, DnB Nor paid up to access the market last week, but Thor Tellefsen, senior vice president of investor relations and long term funding at DnB Nor, told The Cover today that the price was worth paying.

    • 21 Jan 2008
  • Euro jumbos

    • 21 Jan 2008
  • All euro & dollar benchmarks

    • 21 Jan 2008
  • BN 4bp back from DnB Nor in tough market

    BN Boligkreditt has opened the books on its debut Eu1bn five year covered bond and by lunchtime had attracted some Eu600m of orders at guidance of the 15bp over mid-swaps area, with volatile equity markets providing an unhelpful backdrop.

    • 21 Jan 2008
  • Spaniard on the way, French OF off?

    Bad news hit French and German covered bonds this morning, stymieing issuance plans, but in spite of a sharp sell-off in equities one Spanish issuer is said to be close to launching the first cédulas of the year.

    • 21 Jan 2008
  • National Australia Bank

    • 18 Jan 2008
  • KBC Ifima

    • 18 Jan 2008
  • DnB Nor

    • 18 Jan 2008
  • Oesterreichische Kontrollbank

    • 18 Jan 2008
  • JP Morgan Chase & Co

    • 18 Jan 2008
  • Toronto Dominion Bank

    • 18 Jan 2008
  • Credit Market Watchbox's 1037

    • 18 Jan 2008
  • Asian Development Bank

    • 18 Jan 2008
  • FSA countdown to UK RCBs begins

    The Cover understands that the UK’s covered bond framework is a step closer after the Financial Services Authority, which will be responsible for supervising the Regulated Covered Bond regime that HM Treasury will implement on March 6, yesterday revealed the timetable for its part in the process.

    • 18 Jan 2008
  • DnB Nor brings week two to a happy close

    DnB Nor brought the second week of the covered bond year to a successful close today, pricing its five year deal in the middle of the 11bp over mid-swaps area guidance and at a size of Eu2bn. But whether next week’s supply will match the Eu8bn plus of the past few days remains unclear.

    • 18 Jan 2008
  • UBS

    • 18 Jan 2008
  • Results knock secondary as traders seek market respite

    • 18 Jan 2008
  • Bank bonds show first faint stir of recovery

    • 18 Jan 2008
  • Issuers breathe easier despite funding costs rising

    With the covered bond market feasting on an average of more than a benchmark sized deal a day, concerns about oversupply leading the buy-side to turn its nose up at deals have resurfaced. However, investors have so far sampled every dish put in front of them and although some deals have been devoured more quickly and in larger quantities than others, issuers who have managed to get deals done this week are largely looking back with relief.

    • 18 Jan 2008
  • Barclays Bank

    • 18 Jan 2008
  • National Australia Bank

    • 18 Jan 2008
  • Flat KKA sparkles, but how low can one go?

    Kommunalkredit Austria priced a Eu1bn four year covered bond at mid-swaps flat this morning, as expected, but while the transaction shows how the most sought after names can avoid the worst of the spread widening, questions remain over what whether anything can be printed any tighter.

    • 17 Jan 2008
  • DnB Nor quick out the blocks

    The books have opened on DnB Nor Boligkreditt’s five year benchmark covered bond, and the deal’s swift progress has further demonstrated the divisions in the market, which is in particular benefiting established names.

    • 17 Jan 2008
  • BNP Paribas in with the in crowd

    BNP Paribas’ Eu2bn three year covered bond was priced this morning, although there are doubts over whether this represents a full reopening of the French market, with pricing still disjointed even within jurisdiction due to varying collateral types, name differentiation and the choice between structured covered bonds or the old obligations foncières.

    • 17 Jan 2008
  • “Crisis? What crisis?” asks KKA

    Kommunalkredit Austria showed the gulf between public sector covered bonds from established, legislative jurisdictions and the mainly structured mortgage issuance this week by coming out with price guidance of mid-swaps flat for a four year deal via Citi, Dresdner Kleinwort and UBS today.

    • 16 Jan 2008
  • BMO pays the price for BES’s largesse

    Bank of Montreal is set to price its Eu1bn five year covered bond at 24bp over mid-swaps today, paying 4bp more than Royal Bank of Canada did for its 10 year deal last week, after suffering from the wider than expected pricing of Banco Espiríto Santo’s Eu1.25bn three year deal at 20bp over on Tuesday.

    • 16 Jan 2008
  • BNPP scores, but BFBP raises French questions

    BNP Paribas Covered Bonds priced its three year issue in the middle of guidance and with a size of Eu2bn this lunchtime, having built a book of more than Eu3bn in what one syndicate official away from the deal called the most successful deal of the week. However, the pricing outlook for French covered bonds is unclear, with the Banque Populaire group (BFBP) coming out with guidance of 20bp-22bp over and still no sign of a deal from Compagnie de Financement Foncier, which gave a mandate for an issue at the beginning of last week.

    • 16 Jan 2008
  • DnB Nor joins pipeline in repriced market

    DnB Nor Boligkreditt is the latest covered bond issuer to join the pipeline and could tap the market imminently, despite supply being as busy as anyone can remember and pricing expectations being constantly revised. The effects of Banco Espiríto Santo’s Eu1.25bn three year coming at a wider than expected 20bp over mid-swaps are still being felt around the market.

    • 16 Jan 2008
  • BES primarily successful despite mild secondary fallout

    Banco Espírito Santo priced its first covered bond yesterday at 20bp over mid-swaps. The Eu1.25bn three year mortgage backed deal received orders of almost Eu1.9bn, demonstrating the robust nature of the primary market and enjoying a strong secondary performance.

    • 15 Jan 2008
  • BMO building steadily at 24bp area

    The books were opened for Bank of Montreal’s (BMO) debut covered bond today and by mid-morning some Eu700m of orders had been placed, with the book continuing to build. The benchmark sized, five year euro deal is being marketed with guidance in the 24bp area and has yet to be refined.

    • 15 Jan 2008
  • Primary market pressures contained for now

    The wheels have so far shown no signs of coming off the primary covered bond market, and new mandates have been announced from a broad range of jurisdictions. Canada’s Bank of Novia Scotia, the Netherlands’ SNS Bank and France’s BNP Paribas are all expected to come to market in the near future.

    • 15 Jan 2008
  • BES kicks off week two, new name in the pipeline

    Banco Espiríto Santo’s inaugural covered bond, a three year mortgage backed benchmark, had gathered over Eu1.4bn of orders by noon, with the pricing fixed at 20bp over mid-swaps, from initial guidance in the plus 20bp area, getting the week off to an encouraging start ahead of further expected supply.

    • 14 Jan 2008
  • Landesbank Berlin puts Pfandbrief before structure

    Landesbank Berlin has mandated Deutsche Bank, Dresdner Kleinwort and UniCredit for a public sector jumbo Pfandbrief issue, which is expected after a European roadshow later this month. Meanwhile, the bank’s plans to launch what would be the first structured covered bond from Germany are still live.

    • 14 Jan 2008
  • All euro & dollar benchmarks 2007

    • 14 Jan 2008
  • ECBC’s double standards change little

    The ECBC’s recommendation that covered bonds trading at 20bp or more above Euribor be quoted at market-makers’ discretion was having little impact on trading this morning, but that did not stop it from coming in for criticism from those on the wrong side of the 20bp level, even if the move was something that many market participants welcomed.

    • 14 Jan 2008
  • Commonwealth Bank of Australia

    • 11 Jan 2008
  • Euro jumbos 2007

    • 11 Jan 2008
  • Landwirtschaftliche Rentenbank

    • 11 Jan 2008
  • KfW

    • 11 Jan 2008
  • Secondary market struggles as ‘grim reality’ takes hold

    • 11 Jan 2008
  • European Investment Bank

    • 11 Jan 2008
  • Instituto de Crédito Oficial

    • 11 Jan 2008
  • KfW

    • 11 Jan 2008
  • Not waving but drowning?

    The covered bond market sprang into action this week, with high levels of over- subscription for several short-dated issues. However the market seemed initially intolerant and prone to penalise an unwanted maturity and structure, with Royal Bank of Canada’s ten year structured covered bond encountering trouble on its way to gathering an order book of Eu1.5bn on a 1.25bn deal. The secondary market’s recent distemper continued to lurk and came to the surface with light provocation.

    • 11 Jan 2008
  • ECBC splits market

    Lengthy meetings today and yesterday on market-making obligations have led to a landmark re-think from the European Covered Bond Council which draws a line in the market at Euribor+20bps.

    • 11 Jan 2008
  • Rabobank

    • 11 Jan 2008
  • Rabobank grapples with market’s new rules

    • 11 Jan 2008
  • Danske Bank

    • 11 Jan 2008
  • Goldman Sachs

    • 11 Jan 2008
  • European Investment Bank

    • 11 Jan 2008
  • BNP Paribas

    • 11 Jan 2008
  • Bank Nederlandse Gemeenten

    • 11 Jan 2008
  • Deutsche Bank

    • 11 Jan 2008
  • Erste Bank der Oesterreichischen Sparkassen

    • 11 Jan 2008
  • Royal Bank of Canada

    • 11 Jan 2008
  • UBS

    • 11 Jan 2008
  • Structured bonds alive and kicking with RBC 10 year

    The market survived an early test of appetite for lengthy structured deals in Royal Bank of Canada’s (RBC) Eu1.25bn 10 year transaction, which was priced at 20bp over mid-swaps yesterday (Wednesday).

    • 10 Jan 2008
  • Continuity the watchword at Dexia

    Dexia has appointed Véronique Hugues to global head its long term funding activities as the successor to Sylvie Vadé.

    • 10 Jan 2008
  • All covered bonds 2007

    • 10 Jan 2008
  • Postbank: quality assured in 90 minutes

    Deutsche Postbank has priced its first jumbo mortgage Pfandbrief at 2bp, the tight end of the 2bp-4bp guidance. Following the SEB’s success, Postbank made it a good week for debut issues with a rapid bookbuilding process and strong secondary market performance.

    • 10 Jan 2008
  • CRH secures success at the short end

    Caisse de Refinancement de l’Habitat (CRH) has priced its new two year euro jumbo and a tap of its now Eu2.81bn October 2014 deal this afternoon (Wedneday). Pricing on the jumbo was set at 1bp over mid-swaps, against guidance of plus 2bp area.

    • 09 Jan 2008
  • BES mandates and joins the queue

    Banco Espirito Santo (BES) has mandated Barclays Capital, BES, Calyon and Deutsche Bank for its new Portuguese mortgage backed covered bond.

    • 09 Jan 2008
  • HSH casts off full of passengers

    HSH Nordbank has priced the first jumbo shipping Pfandbrief flat against mid-swaps, at the tight end of guidance. The two year deal’s final size was fixed at Eu1bn after gathering over Eu3bn in orders.

    • 09 Jan 2008
  • RBC prises open long end, Postbank delivers

    Royal Bank of Canada (RBC) looks set to successfully re-open the long end of the covered bond market. Pricing of 20bp over mid-swaps proved enough to attract Eu1.46bn of orders, allowing the final size of the deal to be set at Eu1.25bn. Final pricing is expected this afternoon (Wednesday).

    • 09 Jan 2008
  • SEB a recipe for success

    Skandinaviska Enskilda Banken AB (SEB) has priced its inaugural euro jumbo covered bond at 3bp over mid-swaps, at the tight end of the 4bp guidance. A final size of Eu1.5bn was decided on the three year deal after the bond attracted Eu4bn of orders.

    • 09 Jan 2008
  • HSH finds debut plain sailing

    The champagne was out for the launch of the first ever jumbo ship Pfandbrief, HSH Nordbank’s two year deal, which attracted more than Eu3bn of orders by midday CET and could be priced at the tight end of guidance.

    • 08 Jan 2008
  • CRH doing fine amid new issue rush

    Caisse de Refinancement de l’Habitat had built a book of over Eu1.5bn for its new two year jumbo today and more than Eu300m for its tap, with pricing expected tomorrow.

    • 08 Jan 2008
  • SEB ticks all the right boxes

    Skandinaviska Enskilda Banken AB (SEB) has opened the books on its first euro covered bond, a three year jumbo with pricing set at 3bp over mid-swaps, the tight end of the 4bp guidance. The deal proved extremely popular with investors, gathering well in excess of Eu4bn of orders by midday.

    • 08 Jan 2008
  • CFF expected shorter, Postbank seen tomorrow

    Compagnie de Financement Foncier is set to move to a shorter maturity than the 10 year maturity that has been rumoured, with a five year or shorter issue due for launch this afternoon. Meanwhile Deutsche Postbank is expected to hit the market tomorrow and there is talk of the first ever Japanese covered bond, for Shinsei.

    • 08 Jan 2008
  • Market remains to be convinced by RBC 10 year

    Royal Bank of Canada (RBC) restarted 10 supply by boldly announcing such a mandate yesterday (Monday), attempting to follow the success of its debut five year with a 10 year euro jumbo in the face of a market that had proved hostile to both structured covered bonds and longer dated maturities.

    • 08 Jan 2008
  • All covered bonds 2007

    • 08 Jan 2008
  • Mixed response to ECBC market-making decision

    This morning saw an uneven response to the ECBC’s decision on market-making announced on Friday, with some banks failing to follow the decision fully. Reports are coming in of some banks offering tickets of only up to Eu5m or Eu10m. Some market participants also noted a lack of willingness to offer prices on US covered bonds in some quarters.

    • 07 Jan 2008
  • CFF goes long, HSH & CRH to go shorter and sooner

    Compagnie de Financement Foncier (CFF) has mandated Calyon, HSBC and Natixis for its benchmark sized obligation foncière to be launched in the near future. Lead managers are believed to be keeping their options open on the maturity of the deal.

    • 07 Jan 2008
  • Credit Suisse

    • 04 Jan 2008
  • 2008 starts with a whimper as loan paralysis persists

    • 04 Jan 2008
  • Rabobank set to take FIG plunge

    • 04 Jan 2008
  • Spanish most reliable in primary, Germans the least

    Apparently gentlemen prefer blondes but marry brunettes. Well from a performance perspective, investors should buy covered bonds from more volatile jurisdictions in the short run and then dump these for more stable products in the secondary market.

    • 04 Jan 2008
  • Emotions run high as markets brace for key first weeks of ‘08

    Optimism, fatalism, pessimism and just plain fear. These were but four of the emotions that characterised participants’ emotions this week as the bond markets prepared themselves for the start of new year trading.

    • 04 Jan 2008
  • Skandinaviska Enskilda Banken AB

    • 04 Jan 2008
  • ABN comes out on top in performance ranking

    League tables are often criticised for being purely quantitative measures that say nothing about the quality of a transaction’s execution. The Cover has therefore analysed the trading levels versus swaps of 100 of 2007’s new benchmark issues five days after launch and ranked lead managers according to the performance of those deals.

    • 03 Jan 2008
  • All covered bonds excluding euros and dollars 2007

    • 03 Jan 2008
  • All covered bonds 2007

    • 02 Jan 2008
  • Euro jumbos 2007

    • 02 Jan 2008
  • 2007 League tables

    We are in the process of finalising the league tables for 2007. Please send any queries or submissions to thecover@coveredbondnews.com by Thursday 3 January.

    • 02 Jan 2008
  • All euro & dollar benchmarks excluding self-led deals 2007

    • 02 Jan 2008
  • All euro & dollar benchmarks 2007

    • 02 Jan 2008
  • Northern Rock support adds cheer to ratings recap

    The UK government’s extension of guarantees relating to Northern Rock obligations on 18 December was seen as good news for covered bondholders. Moody’s downgraded Northern Rock’s bank financial strength rating from D+ to E+, but said that the extension “further underpins the Aa3 bank deposit and senior debt ratings”.

    • 02 Jan 2008
  • All dollar benchmarks 2007

    • 02 Jan 2008
  • Next week to be real new year for covered bonds

    The bulging covered bond pipeline of debuts, postponed transactions and regular issuance is not expected to reopen until at least early next week, with market participants awaiting next Monday’s restart of market-making and the wholesale return of investors, as well as clearer clues to sentiment in the wider financial markets in the coming days.

    • 02 Jan 2008

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 6,931.77 33 6.35%
2 LBBW 6,339.70 36 5.80%
3 UniCredit 6,316.04 54 5.78%
4 Natixis 5,053.55 24 4.63%
5 Barclays 4,895.61 26 4.48%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 35,201.33 164 7.16%
2 Bank of America Merrill Lynch 32,418.51 127 6.59%
3 JPMorgan 31,248.29 145 6.35%
4 Morgan Stanley 22,451.55 125 4.56%
5 Goldman Sachs 19,338.59 182 3.93%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 28,574.49 103 12.34%
2 Citi 27,077.87 127 11.69%
3 JPMorgan 24,882.45 113 10.74%
4 Morgan Stanley 18,061.83 88 7.80%
5 Goldman Sachs 15,101.12 157 6.52%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 LBBW 4,185.21 16 7.11%
2 Natixis 4,178.19 15 7.09%
3 HSBC 3,974.99 14 6.75%
4 Credit Agricole CIB 3,687.68 15 6.26%
5 Deutsche Bank 3,304.65 12 5.61%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
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 %
  • Last updated
  • Today
1 Credit Agricole CIB 3,286.19 8 11.28%
2 Barclays 3,229.69 10 11.08%
3 UBS 3,210.90 11 11.02%
4 BNP Paribas 2,554.19 12 8.76%
5 HSBC 1,754.26 12 6.02%