Latest Covered Bonds news

  • Credit Suisse issues debut Swiss franc covered bond as Nationwide lines up

    Credit Suisse Switzerland issued the debut covered bond from its newly structured programme on Wednesday, achieving a very solid outcome in a short time frame. The Swiss franc-denominated covered bond will be followed on Thursday by another from the UK’s Nationwide Building Society.

    • 26 Jun 2019
  • Latest covered bonds can now be voted on

    Please take a couple of minutes to cast your confidential vote for the latest euro covdred bond benchmarks including those issued recently by SMBC, Nordea, KHFC and Rabobank

    • 26 Jun 2019
  • Helaba issues first negative yielding covered bond since 2017

    Landesbank Hessen-Thueringen Girozentrale (Helaba) sold the first negative yielding covered bond since 2017 on Wednesday, attracting good demand for the €750m five year Pfandbrief.

    • 26 Jun 2019
  • Trio keeps covereds active as UniCredit debuts in dollars

    UniCredit AG was poised to issue its first dollar Pfandbrief on Tuesday, shortly after Dekabank had quickly wrapped up a sub-benchmark eight year. The two deals followed an inaugural sub-benchmark seven year from Slovakia’s Tatra Banka that was priced on Monday.

    • 25 Jun 2019
  • UniCredit AG to issue first dollar Pfandbrief

    UniCredit’s German subsidiary, HVB, has mandated leads for the first dollar covered bond in its 150 year history reflecting a preference to avoid issuing a negative yielding euro benchmark.

    • 24 Jun 2019
  • Credit Suisse returns to covered bonds

    Credit Suisse has published a base prospectus for its newly set up covered bond programme, suggesting it may be ready to make a formal deal announcement in the next few days.

    • 24 Jun 2019
  • Mediobanca OBG flies as covered bond yields plunge

    Mediobanca attracted strong demand on Monday for a long seven year Obbligazioni Bancarie Garantite (OBG), which offered an eye-catching yield despite pricing well through BTPs. The deal emerged as the short end of the covered bond curve plunged deeper into negative yielding territory.

    • 24 Jun 2019
  • AXA preps debut euro covered bond

    AXA Banque has mandated lead managers for a roadshow starting on Thursday as it looks to sell its first covered bond in euros.

    • 20 Jun 2019
  • FIG bankers spy golden window for second tier names

    DCM bankers say that market conditions are just right for some of Europe’s smaller and more marginalised financial institutions to bring new bond deals ahead of the summer.

    • 20 Jun 2019
  • Covered bond market braces for negative yielding new issues

    Participants in the covered bond market believe that it is only a matter of time before issuers set out to price new deals at negative yields, casting minds back to ground breaking transactions from Berlin Hyp in 2016 and 2017.

    • 19 Jun 2019
  • Markets welcome EU Sustainable Finance announcements

    Four major announcements have been made today by the European Commission and its Technical Expert Group, which is drafting the substance of several parts of its multi-faceted Sustainable Finance Action Plan. There were new texts on the Taxonomy, Green Bond Standard and Low Carbon Benchmarks regulations as well as guidelines for companies on how to report climate change-related information. Many market participants welcomed them.

    • 18 Jun 2019
  • Covered bond market hits pause after bumper week

    Banks have taken a breather from issuing covered bonds in euros after a bumper week for issuance last week, but analysts suggest there is still plenty of interest among investors for further supply in the asset class.

    • 18 Jun 2019
  • TD takes £1bn 'at pace' with Canada’s first Sonia-linked covered bond

    Toronto Dominion Bank has become only the second borrower from outside of the UK to sell a Sonia-linked covered bond, having quickly met enough orders on Monday to launch a £1bn offering in the sterling market.

    • 17 Jun 2019
  • Party over for covered issuers as RBC sheds orders

    Royal Bank of Canada’s €1.25bn seven year issued on Wednesday dropped more orders than any covered bond has in years, ending up as one of the least subscribed deals of its size since 2011. The transaction starkly illustrated that the balance of power has shifted in favour of investors and offered a salutary lesson for ambitious issuers, writes Bill Thornhill.

    • 13 Jun 2019
  • BMO reopens dollar covered bonds

    Bank of Montreal (BMO) has issued the first Canadian covered bond in dollars this year, raising $1.75bn of funding at a cost that was equivalent to what it would have theoretically paid in the euro market. National Bank of Canada was quick to follow, announcing a similar deal at the same starting spread.

    • 13 Jun 2019

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  • Sterling Sonia switch within sight

    The speed with which sterling sub-sectors have switched their benchmark rate from Libor to Sonia has been astonishing. There’s still some way to go, particularly in the corporate market, but the transition, which looked almost unassailable in 2017, might just be done on time.

    • 28 May 2019

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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.

This now includes all the data from TheCover

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Covered Bonds League Table Builder

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 9,230.96 80 5.95%
2 HSBC 8,592.02 43 5.54%
3 LBBW 8,280.86 47 5.34%
4 Natixis 6,643.65 32 4.28%
5 Barclays 6,490.00 33 4.18%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 49,562.30 215 6.28%
2 Citi 46,993.54 251 5.96%
3 JPMorgan 44,208.42 233 5.61%
4 Morgan Stanley 32,599.82 190 4.13%
5 HSBC 32,227.16 198 4.09%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 40,205.67 172 11.84%
2 Citi 36,275.01 187 10.68%
3 JPMorgan 34,306.50 169 10.10%
4 Morgan Stanley 23,966.74 133 7.06%
5 Wells Fargo Securities 22,505.90 98 6.63%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,516.84 21 6.98%
2 LBBW 5,291.48 20 6.70%
3 Credit Agricole CIB 4,664.16 20 5.90%
4 HSBC 4,549.39 16 5.76%
5 Deutsche Bank 4,534.04 16 5.74%

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 Barclays 5,933.32 13 15.77%
2 UBS 3,778.43 15 10.04%
3 BNP Paribas 3,553.97 13 9.44%
4 Credit Agricole CIB 3,549.81 11 9.43%
5 HSBC 1,977.94 14 5.26%