Latest Covered Bonds news

  • Pfandbrief issuers likely to move first

    Covered bond primary activity is expected to pick up from as early as next week with a couple of German issuers understood to be monitoring the market. FIG activity is expected to ratchet up again the following week as borrowers move ahead of potentially negative rating news.

    • 03:00 PM
  • Looming Italy crisis puts Turkey woes in perspective for Europe

    Fears about the Turkish exposures of European banks has done little to distract fixed income investors from a brewing crisis in Italy, and may even have sharpened focus on the scale of the problems facing the country.

    • 15 Aug 2018
  • Carige covered bonds narrowly miss being junked by Moody’s

    Banca Carige’s residential mortgage backed covered bonds were downgraded by Moody’s but just managed to stay within investment grade territory. The fact spreads barely moved in the aftermath suggested investors have already sold their exposure.

    • 15 Aug 2018
  • Harmonisation ‘will lift Austrian covered bonds’

    After years of deliberations, Austria’s Ministry of Finance will finally set out draft proposals to harmonise the country’s three covered bond legal frameworks. And, with the introduction of new measures that bring the unified law into line with best practice, rating upgrades are likely.

    • 14 Aug 2018
  • Ålandsbanken plans debut senior bond sale ahead of MREL

    Ålandsbanken, a small bank headquartered in the Åland Islands, an autonomous region in Finland, is looking to launch its first public sale of a senior bond as part of a drive towards meeting its minimum requirement for own funds and eligible liabilities (MREL).

    • 14 Aug 2018
  • Fitch upgrade bodes well for Alpha and NBG covered bonds

    After Fitch upgraded Greece’s country ceiling into investment grade territory last Friday, the covered bonds of National Bank of Greece should also be upgraded. But according to analysts at Commerzbank, Alpha Bank’s bonds have the best potential for a spread tightening.

    • 13 Aug 2018
  • GlobalCapital SRI Awards 2018: the nominations

    The nominations for GlobalCapital's Sustainable and Responsible Capital Markets Awards 2018 have been revealed, as a result of our worldwide market poll, conducted in July.

    • 11 Aug 2018
  • Covered Bond Awards 2018: poll closes on Friday!

    The survey for this year's covered bond awards will close on Friday August 17. If you have not already voted, please take a look at the shortlists and cast your vote now.

    • 10 Aug 2018
  • Impact of OBG legal amendment may be limited

    The Bank of Italy’s (BoI) proposal to loosen Obbligazioni Bancarie Garantite (OBG) issuance restrictions should be credit positive for the country’s small banks said Fitch in a report on Friday. Despite that, an improvement in distributed supply may prove limited.

    • 10 Aug 2018
  • OBG supply possible after summer but issuers in no hurry

    Italian FIG supply is likely to remain limited over the rest of this year as Parliamentary budget negotiations and concerns over the presentation of Banca Carige’s capital conservation plan raise deal execution risk. However, one or two covered bond deals cannot be ruled out.

    • 09 Aug 2018
  • Carige covered bonds may lose IG status, but buying opportunity seen

    Banca Carige’s covered bonds could soon be downgraded by Moody’s to sub-investment grade territory but, given the size and quality of the collateral pool, further downgrades could present a buying opportunity.

    • 08 Aug 2018
  • Kiwi covereds to widen, but not due to affordability

    Despite a deterioration in the affordability of housing in New Zealand, loan-to-value ratios are low and homes are comparatively more affordable than they are in much of Europe. Even though credit risks remain contained, it seems likely that spreads in the New Zealand covered bond market are set to be repriced wider.

    • 07 Aug 2018
  • Covered bonds can green Italy’s economy

    Green Italian bond supply has good scope to grow, and banks are likely to play a central role in the rise, according to Standard and Poor’s. Given the old age of Italy’s building stock and the importance of financing for small and medium-sized enterprises (SMEs), green covered bonds and green European Secured Notes could play a vital part.

    • 06 Aug 2018
  • Covered bond directive may strengthen Cédulas, giving cover for other reforms

    Transposing the European Commission’s covered bond directive into Spanish Cédulas law should result in multi-notch Cédulas upgrades, Fitch said. This could help allay concerns about other legal reforms that will lower collateral protection, and help boost confidence that the impending overhaul of the Spanish legal framework can be executed deftly.

    • 03 Aug 2018
  • NatWest Markets fights back in FIG

    NatWest Markets has come a long way since the dark days of its repeated restructurings. For a while, RBS was a punchline for gallows humour about the state of investment banking (not to mention the participation of the state in investment banking). Senior bankers jumped or were pushed, while the firm closed offices, sold off its US operations, trimmed its ambitions and seemed ready to settle down as a bit-part domestic player in the capital markets. But it is often darkest before the dawn.

    • 02 Aug 2018

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Comment

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  • The ESN stalking horse

    The concept behind the European Secured Note was never genuinely driven by a desire to improve bank funding options, but by a need to ring-fence the quality of assets in covered bonds.

    • 26 Jul 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.

This now includes all the data from TheCover

Covered Bonds Priced Deals database

Covered Bonds pipeline 

Covered Bonds League Table Builder

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 9,704.99 54 5.50%
2 UniCredit 9,192.82 61 5.21%
3 LBBW 8,744.00 54 4.96%
4 Natixis 8,477.22 42 4.80%
5 Credit Suisse 8,000.81 42 4.53%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 64,509.44 227 6.60%
2 JPMorgan 63,002.07 249 6.44%
3 Citi 60,599.99 282 6.20%
4 Goldman Sachs 57,405.56 463 5.87%
5 Morgan Stanley 51,266.23 276 5.24%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 53,878.36 189 11.15%
2 JPMorgan 53,201.53 180 11.01%
3 Citi 49,054.41 223 10.15%
4 Goldman Sachs 42,774.10 409 8.85%
5 Morgan Stanley 39,644.53 216 8.20%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 6,511.67 24 7.36%
2 UniCredit 5,302.66 21 5.99%
3 Deutsche Bank 5,002.94 16 5.66%
4 LBBW 4,987.08 21 5.64%
5 Commerzbank Group 4,984.41 19 5.63%

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 4,729.28 11 10.98%
2 Barclays 3,919.93 12 9.10%
3 UBS 3,374.07 13 7.83%
4 BNP Paribas 3,351.70 12 7.78%
5 Credit Agricole CIB 2,490.29 7 5.78%