Latest Covered Bonds news

  • ECB shocks market with decision to end CPT purchases

    The European Central Bank (ECB) took the market by complete surprise this week when it said that it would stop buying conditional pass-through (CPT) covered bonds as part of its asset purchase programme.

    • 13 Dec 2018
  • Rising house prices signal boom time for Portuguese covered bonds

    Portuguese banks will be able to use more of their loans to back covered bonds as house prices rise and domestic mortgages become safer products, Moody’s said this week.

    • 13 Dec 2018
  • Alpha Bank targets first ever Romanian covered bond in early 2019

    Alpha Bank Romania is preparing to sell a new deal in euros in the first quarter of 2019, in what would be the first ever issuance of covered bonds from the country.

    • 12 Dec 2018
  • Moody’s flags no deal Brexit risk for covered bonds

    If the UK were to crash out of the EU without securing a deal it would throw up a host of legal and regulatory risks for UK and European covered bonds and put a dampener on otherwise supportive market conditions, Moody’s said in a report published this week.

    • 11 Dec 2018
  • Covered bond issuers expected to make nervous start in 2019

    DCM bankers believe that financial institutions will be wary about jumping straight into the covered bond market in January, after a tricky end to the year for the asset class.

    • 10 Dec 2018
  • Kookmin issues first covered in two years

    Kookmin Bank has issued the second Korean covered bond of this year but the first in dollars and its first in more than two years.

    • 07 Dec 2018
  • Wider is welcome for covered bond buyers

    Covered bond spreads are likely to widen further into the start of 2019, but that will serve to make them more attractive to investors, especially relative to sovereign and agency alternatives. And since investors will have a slew of cash to put to work, it seems likely it will encourage buying.

    • 06 Dec 2018
  • TLTRO could upset French covered supply expectations

    Net covered bond supply from France is likely to fall in 2019, which should support spreads. However, French banks were among the most active users of the the European Central Bank's Targeted Longer Term Refinancing Operations (TLTRO), which, as it starts to mature, will need to be refinanced - and the covered bond market could be poised to provide some of that funding.

    • 05 Dec 2018
  • Germany to lead 2019 covered bond supply

    Germany will head covered bond supply in 2019 with high redemptions and a booming housing market set to fuel volumes.

    • 05 Dec 2018
  • Unwinding TLTRO debt 'will raise funding costs'

    Repaying funding received under the European Central Bank’s targeted longer-term refinancing operations (TLTROs) is likely to raise funding costs but, as most Iberian banks have made plans, refinancing risks are limited, according to Moody’s.

    • 04 Dec 2018
  • Dhami returns to market as Rabo syndicate boss

    Harman Dhami has joined Rabobank as head of DCM syndicate, succeeding Paul Vanner, who, after a sabbatical, will return to Rabo to further develop the bank's MTN platform.

    • 03 Dec 2018
  • Ziraat plans to issue covered bonds

    Turkey’s Ziraat Bank is planning to issue covered bonds and has published a base prospectus for its €1bn programme. However, it is questionable whether a euro benchmark from the issuer will be seen any time soon.

    • 03 Dec 2018
  • Energy-efficient mortgage definition to ensure 'quick roll-out'

    The European Mortgage Federation-European Covered Bond Council (EMF-ECBC) has set out a definition of an energy-efficient mortgage which should enable ‘a quick roll-out’, according to the European Commission.

    • 03 Dec 2018
  • Focus on green covered additionality, says Pimco’s Boehm

    Green covered bond issuers should make sure to bring 'additionality', according to Timo Boehm, portfolio manager at Pimco. He also indicated that these deals did not deserve favourable pricing treatment.

    • 03 Dec 2018
  • Santander issues first Brazilian covered bond

    Santander Brasil has tested the country’s Letra Imobiliária Garantida (LIGs) covered bond regime with two privately placed deals.

    • 30 Nov 2018

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  • Defusing TLTRO time bomb requires prudence, not hope

    From June 2019 a large chunk of debt borrowed by banks from the EU periphery under the European Central Bank’s second Targeted Longer-Term Refinancing Operations (TLTRO II) will no longer be considered stable funding. Banks should refinance that debt in the market instead of hoping for another ECB handout.

    • 15 Nov 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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Covered Bonds League Table Builder

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 13,951.26 77 5.55%
2 UniCredit 12,869.58 96 5.12%
3 Natixis 11,652.77 67 4.63%
4 UBS 11,458.20 62 4.56%
5 LBBW 11,285.83 74 4.49%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 87,420.99 365 6.18%
2 Citi 78,905.88 424 5.58%
3 Bank of America Merrill Lynch 78,235.89 324 5.53%
4 Goldman Sachs 72,613.81 636 5.13%
5 Morgan Stanley 72,406.38 414 5.12%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 70,642.78 252 11.09%
2 Bank of America Merrill Lynch 64,871.97 271 10.19%
3 Citi 61,723.62 322 9.69%
4 Morgan Stanley 54,569.85 313 8.57%
5 Goldman Sachs 54,299.46 565 8.53%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 8,357.33 33 7.02%
2 Commerzbank Group 6,550.39 26 5.51%
3 Deutsche Bank 6,535.71 22 5.49%
4 UniCredit 6,513.66 27 5.47%
5 LBBW 6,441.23 28 5.41%

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 7,765.93 22 11.94%
2 BNP Paribas 5,338.58 23 8.21%
3 Barclays 5,124.61 20 7.88%
4 Credit Suisse 4,520.44 16 6.95%
5 UBS 3,976.00 19 6.11%