Latest Covered Bonds news

  • Seven year near saturation in covered bonds

    The seven year area of the covered bond market is in danger of becoming over-supplied after a series of deals around that tenor this week. But with the pace of supply expected to slow and technical conditions still positive the overall health of the market still seems good.

    • 24 May 2018
  • Five years the new covered bond sweet spot

    Five year covered bonds issued this week from a trio of issuers got the best executions with the most generously priced Canadian deal from the Fédération des caisses Desjardins du Québec (CCDJ) earning the most praise.

    • 24 May 2018
  • Duration plays critical role in busy covered bond market

    The covered bond market enjoyed one of its most active weeks this year, with as many as eight transactions launched, even as other markets struggled. However, while most issues were well received, the two longest dated deals dragged and showed investor concerns over duration.

    • 24 May 2018
  • OP raises €1bn in saturated seven year covered bond

    OP Mortgage Bank raised €1bn of seven year funding in the covered bond market on Thursday and paid only 1bp more than Nordea’s recent seven year. However, with a €1.2bn order book, it was the least subscribed Finnish covered bond of the year suggesting the tenor has lost some appeal.

    • 24 May 2018
  • Duration plays critical role in busy covered bond market

    Covered bond deals issued in the five to seven year part of the curve on Wednesday by ING Belgium, Berlin Hyp (BHH) and The Fédération des caisses Desjardins du Québec (FCDQ) were all well received and stood in stark contrast to a 10 year from Nationwide and a 15 year from Crédit Mutuel Arkea issued on Tuesday.

    • 23 May 2018
  • Aktia enjoys strong comeback after three year hiatus

    Aktia Bank attracted strong demand for its tightly priced covered bond on Tuesday, the issuer’s first since March 2015, and the first from its restructured mortgage business.

    • 22 May 2018
  • Belgian, German and Canadian issuers to join wave of covered bond supply

    ING Belgium has mandated leads for its first covered bond deal since September 2015 and, after being 150 years in operation, Berlin Hyp has announced plans for a ‘jubilee’ transaction in the form of a mortgage backed five year.

    • 22 May 2018
  • Covered bond primary market takes off

    The covered bond primary market picked up sharply on Tuesday, with three core European issuers launching deals across a range of tenors, while another announced a mandate.

    • 22 May 2018
  • Duration tops spread for 'biggest role' to play in covered bonds

    The widening spread impact of lower European Central Bank covered bond purchases has been a key focal point for the market for most of this year but, given much greater rates volatility, duration has a more important role to play, according to one major covered bond investor.

    • 21 May 2018
  • Friday’s Pfandbrief pricing shows issuers are cautious

    Commerzbank’s decision to issue a Pfandbrief on the last day of the week strongly implies that supply is going to get much brisker over the next, holiday-shortened week. Its decision paid off, but it clearly questions the longevity of enthusiastic covered bond demand.

    • 18 May 2018
  • Landshyp finds tighter green covered pricing

    Landshypotek Bank was able to close the price gap to its larger Swedish peers on Wednesday when it issued its first green covered bond.

    • 17 May 2018
  • Nordea enjoys best covered demand of 2018

    Nordea issued a €1bn seven year bond on Thursday and attracted the highest subscription ratio of any euro covered bond of this size in 2018, while pricing with a tiny new issue premium. The execution offers further evidence that covered bonds are on a solid footing, in contrast with other sectors.

    • 17 May 2018
  • Pfandbrief issuers could look away from euros

    Deutsche Pfandbriefbank (PBB), which completed its second euro benchmark Pfandbrief of the year this week, is expected to consider issuance in dollars or sterling, as are other German issuers that have big foreign currency assets.

    • 16 May 2018
  • All-inclusive covered bond directive upholds status quo

    If the principles-based European covered bond directive is implemented in its current draft form not a lot will change — but that may be just as well.

    • 15 May 2018
  • PBB pays tiny Pfandbrief NIP as rate hike fears stoked

    Deutsche Pfandbriefbank (PBB) priced an Aa1 rated six year Pfandbrief on Tuesday at the same spread as Deutsche Bank’s Aaa rated five year issued last week, showing the market has improved. But, with tighter monetary policy recently signalled and more supply due, the advantageous funding window may prove short lived.

    • 15 May 2018

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Capital markets data from GlobalCapital

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 FIG priced deals database.

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 7,419.40 39 5.74%
2 Natixis 7,203.12 31 5.57%
3 Credit Suisse 7,022.58 35 5.43%
4 LBBW 6,855.59 38 5.30%
5 UniCredit 6,528.35 40 5.05%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 46,538.25 147 7.01%
2 Citi 42,730.19 207 6.43%
3 JPMorgan 42,104.91 172 6.34%
4 Goldman Sachs 38,932.82 267 5.86%
5 Morgan Stanley 37,635.93 183 5.67%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 37,630.60 121 11.14%
2 JPMorgan 35,683.51 121 10.56%
3 Citi 34,770.43 159 10.29%
4 Goldman Sachs 31,097.03 230 9.20%
5 Morgan Stanley 30,197.39 146 8.94%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 6,119.91 22 9.11%
2 LBBW 4,244.39 18 6.32%
3 Deutsche Bank 4,163.44 13 6.20%
4 UniCredit 3,902.49 16 5.81%
5 SG Corporate & Investment Banking 3,848.68 16 5.73%

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 HSBC 4,538.06 9 13.03%
2 UBS 3,374.07 13 9.69%
3 BNP Paribas 2,596.35 10 7.46%
4 Credit Agricole CIB 2,458.47 6 7.06%
5 SG Corporate & Investment Banking 2,180.25 9 6.26%