Latest Covered Bonds news

  • NatWest hires covered bond trader

    NatWest Markets has hired an experienced covered bond trader from Nomura. The move is the latest example of staff swapping between the two firms, but also underscores the UK’s bank ambitions plans.

    • 18 Apr 2019
  • Strasbourg approves the covered bond legislative package

    The covered bond industry and the Capital Markets Union (CMU) hit a new milestone on Thursday after the European Parliament’s plenary in Strasbourg adopted the text of the Covered Bond Directive just after midday.

    • 18 Apr 2019
  • Hunt for yield as ABN trails MuHyp in 20 year covereds

    ABN Amro tapped into bank investors’ thirst for yield amid low interest rates this week with a 20 year covered bond. The Dutch deal followed a previous 20 year from MünchenerHyp (MuHyp) and comes as European investors are increasingly under pressure to reach for yield.

    • 17 Apr 2019
  • Moody’s takes aim at Estonia’s new covered bond law

    Moody's has given Estonia’s newly established covered bond framework a mixed report, an assessment that will be a helpful guide for the other countries in the Baltic region, which plan to use special purpose vehicles to get around some of the problems their neighbour faces.

    • 17 Apr 2019
  • UK’s FCA plans to adopt EU covered bond law

    The Financial Conduct Authority has set out plans to amend the UK’s regulated covered bond framework once European Union legislation comes into force.

    • 17 Apr 2019
  • Fabulous covered bonds deserve to be voted on

    Please take a couple of minutes to cast your confidential vote for the last 10 euro covered bond benchmarks, including stellar deals issued most recently by MuenchenerHyp, ABN Amro and DZ Hyp. You don't need to be a GlobalCapital subscriber to vote and see all the related content.

    • 17 Apr 2019
  • ECB tiered depo hike not bad for covereds

    Covered bond spreads are expected to widen if the European Central Bank increases its deposit rate from minus 0.4% to 0% across its whole portfolio. But some market participants think the ECB will adopt a tiered approach to the €2tr of excess liquidity held on deposit, which should not greatly affect covered bond spreads.

    • 16 Apr 2019
  • Investors flock to ABN’s 20 year as asset purchase programme fears grow

    ABN Amro returned to the covered bond market on Monday to issue the largest 20 year transaction so far in 2019. Banks have increasingly found favour in placing deals with the ultra-long maturities, amid renewed speculation that the European Central Bank could restart asset purchases.

    • 15 Apr 2019
  • MuHyp's 20 year Pfandbrief creates demand frenzy

    MünchenerHyp (MuHyp) issued the longest-ever benchmark Pfandbrief on Thursday, tapping into investors’ thirst for yield amid low interest rates. Investors poured into the book, lodging more demand than for any Pfandbrief issued for at least eight years.

    • 11 Apr 2019
  • Nykredit plans first green covered bond

    Nykredit has published a green bond framework and intends to issue its first green covered bonds, in floating rate Danish kroner and Swedish kronor, in May. The benchmark deals are expected to qualify for the best capital and liquidity treatment.

    • 11 Apr 2019
  • Aareal pays up for first Reg S covered bond

    Aareal Bank launched the first Reg S dollar covered bond of the year on Wednesday. With the bonds offering a substantial pick-up to where Aareal’s euro benchmarks trade, heavy demand came from European investors.

    • 10 Apr 2019
  • Alpha gears up for Romania’s first covered bond

    Alpha Bank Romania plans to issue the first covered bond from Romania under the country’s newly established legal framework.

    • 10 Apr 2019
  • BRRD safeguards for covered bonds better than the Directive

    The newly published Covered Bond Directive is viewed favourably by credit rating agencies, but it will not necessarily drive covered bond rating upgrades— in stark contrast to the Bank Recovery and Resolution Directive.

    • 09 Apr 2019
  • DZ scoops 15 year Pfandbrief funding

    DZ Hyp attracted an order book that was more than three times subscribed in 30 minutes for its 15-year Pfandbrief issued on Tuesday. Under normal circumstances, this would be astonishing, but in the context of central bank monetary policy, the hunt for yield and the paucity of supply in this part of the curve, the result was to be expected.

    • 09 Apr 2019
  • DZ Hyp to issue scarcely supplied 15 year Pfandbrief

    DZ Hyp has mandated lead managers for a rare 15 year benchmark Pfandbrief, which is expected to go very well in the context of the negative rate environment and scarcity of supply in this part of the curve. The transaction could well catalyse other issuers to bring 15 year deals of their own.

    • 08 Apr 2019

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  • BRRD safeguards for covered bonds better than the Directive

    The newly published Covered Bond Directive is viewed favourably by credit rating agencies, but it will not necessarily drive covered bond rating upgrades— in stark contrast to the Bank Recovery and Resolution Directive.

    • 09 Apr 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.

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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 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%