Latest Covered Bonds news

  • SG follows BPCE with more covered bond prefunding

    Société Générale followed BPCE into the covered bond market on Tuesday, also taking the opportunity to pre-fund ahead of what many market participants expect to be a busy start to 2019.

    • 20 Nov 2018
  • HSBC Canada offers value but silence speaks to absence of volume

    HSBC Canada opened order books on Tuesday for its first covered bond and follows in the same three year maturity, and with the same starting spread, as DBS Bank. But, after several hours, when the spread was fixed at the initial level, lead managers failed to update investors on the order book size leading some to question how well the deal was going.

    • 20 Nov 2018
  • DBS Bank issues Asia's largest dollar covered bond

    DBS Bank attracted a strong order book for its $1.25bn three year covered bond, the largest ever issued by an Asian bank.

    • 19 Nov 2018
  • Excess demand for BPCE’s covered bond hits four year low

    BPCE returned to the covered bond market on Monday to raise a €1bn eight year deal. Although the new issue premium was modest, the slightly trickier tenor may have deterred some investors and the subscription ratio was the lowest BPCE has experienced in four years.

    • 19 Nov 2018
  • Asian issuers push out bonds in pre-holiday rush

    A flurry of Asian bond issuers have ventured out in a bid to wrap up deals ahead of the Thanksgiving holiday in the US on Thursday, even as markets remain on shaky ground.

    • 19 Nov 2018
  • 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
  • Brexit bedlam wrecks TSB trade, scares UK markets

    The revolt by UK politicians against the draft Brexit agreement reached by prime minister Theresa May forced TSB Bank to pull its covered bond on Thursday, with investors also selling out of positions in other UK banks. The market fallout adds a thorn to the side of other institutions from the country planning to raise financing over the coming weeks, but it may not be enough to completely shut down markets, write Bill Thornhill, Jasper Cox, Tyler Davies, Sam Kerr and Nigel Owen.

    • 15 Nov 2018
  • Liberbank’s debut Cédulas shows way out of TLTRO II

    Liberbank plans to issue its first covered bond, a transaction that will help refinance maturing debt borrowed under the European Central Bank's second Targeted Longer-Term Refinancing Operations (TLTRO). Many other banks face a similar problem, but seem to be ignoring the €399bn maturity wall that is fast approaching, writes Bill Thornhill.

    • 15 Nov 2018
  • Danske shuns headline risk with heavily oversubscribed covered bond

    A five year covered bond issued by Danske Bank’s Finnish subsidiary on Thursday was the most oversubscribed triple A rated covered bond issued since late August and suggested that recent negative headline risk had barely affected sentiment in euros.

    • 15 Nov 2018
  • TSB pulls covered bond as Brexit volatility weighs in

    Despite offering an attractive premium, TSB Bank was unable to garner enough interest for its five year sterling covered bond on Thursday, forcing it to postpone the deal. The decision followed a high level UK government resignation that caused considerable market volatility in the UK banking sector.

    • 15 Nov 2018
  • Trio of covered bond borrowers plan deals

    Liberbank plans to issue its first covered bond, Danske Bank in Finland is set to issue its first deal in three years and UniCredit Austria has announced a roadshow hot on the heels of a Pfandbrief issued by the German subsidiary.

    • 14 Nov 2018
  • HSBC Canada set to issue debut covered bond

    HSBC Canada has mandated joint leads for its first covered bond and held investor meetings on Tuesday. The moves comes after a succession of successful dollar benchmarks from European and Canadian borrowers.

    • 14 Nov 2018
  • PBB hits LCR target with $600m Pfandbrief

    A Deutsche Pfandbriefbank three year Reg S dollar benchmark may have been meagrely oversubscribed on Tuesday but, at $600m, it was just large enough to make it over the size threshold required to meet the top liquidity coverage ratio category — to the benefit of certain investors.

    • 13 Nov 2018
  • UniCredit AG does well to raise €750m Pfandbrief

    UniCredit’s German subsidiary, HVB, did well to issue a €750m seven year Pfandbrief on Tuesday, but with Italian headline risk flaring up again, it may have paid slightly over the odds.

    • 13 Nov 2018
  • HVB and PBB to hit euro and dollar Pfandbriefe

    UniCredit’s German subsidiary, HVB, has announced plans to issue a seven year euro benchmark Pfandbrief, its first covered bond in over a year. At the same time Deutsche Pfandbriefbank (PBB) plans to issue a dollar benchmark three year Pfandbrief.

    • 12 Nov 2018

Covered Bonds news archive

Join the GlobalCapital / Euromoney Conferences Covered Bond LinkedIn group!

LinkedIn Ask to join

 

Join our SRI / Green Bonds LinkedIn group!

LinkedIn

 

Join our SRI / Green Bonds LinkedIn group!

LinkedIn

 
Covered
Bonds 2017
Digital Map
 
Priced Deals
Database
 
Deal Pipeline
 
League Table
Builder
 
Article Archive
 
Covered Bond
Awards 2018
 

Comment

  The GlobalCapital View logo

  • 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

more comment

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 12,659.07 70 5.30%
2 UniCredit 12,296.44 84 5.15%
3 Natixis 11,157.78 62 4.67%
4 LBBW 11,132.68 72 4.66%
5 UBS 10,837.07 59 4.54%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 79,970.52 344 6.08%
2 Citi 77,398.63 410 5.88%
3 Bank of America Merrill Lynch 76,906.47 310 5.84%
4 Goldman Sachs 71,599.54 611 5.44%
5 Morgan Stanley 67,934.47 388 5.16%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 64,711.68 262 10.42%
2 JPMorgan 64,710.03 242 10.42%
3 Citi 60,514.50 310 9.75%
4 Goldman Sachs 54,061.50 545 8.71%
5 Morgan Stanley 52,830.49 304 8.51%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 8,242.30 32 7.17%
2 LBBW 6,441.23 28 5.60%
3 UniCredit 6,381.22 26 5.55%
4 Deutsche Bank 6,252.08 21 5.44%
5 Credit Agricole CIB 6,198.22 24 5.39%

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 7,584.11 21 12.26%
2 BNP Paribas 5,156.76 22 8.34%
3 Barclays 4,776.16 18 7.72%
4 Credit Suisse 4,518.72 16 7.31%
5 UBS 3,976.00 19 6.43%