Latest Covered Bonds news

  • 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.

    • 02:30 PM
  • HSBC Canada set to issue debut covered bond

    HSBC Canada has mandated joint leads for its first covered bond. The deal follows investor meetings that took place on Tuesday. The expected transaction comes after a succession of successful dollar benchmarks issued by European and Canadian borrowers.

    • 02:00 PM
  • PBB hits LCR target with $600m Pfandbrief

    Deutsche Pfandbriefbank’s 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. Separately, TSB Bank has mandated leads for a Sonia linked sterling covered bond.

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

    UniCredit’s German subsidiary, HVB, did well to raise 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 spreads to stabilise from Q2 2019

    A comparison of the redemption schedule for core European covered bonds versus redemptions from the European Central Bank’s asset purchase programme suggests that spreads in the asset class will start to stabilise in May 2019, after suffering a period of widening.

    • 12 Nov 2018
  • YBS matches Coventry as Sonia hopes stay strong

    Yorkshire Building Society (YBS) broadened its investor base on Friday with its first sterling covered bond in six years. The deal was set to price in line with a similar five year Sonia-linked bond issued this week by Coventry Building Society but with less demand. Even so, supply hopes remain alive.

    • 09 Nov 2018
  • DBS to hit dollar covered bonds after three year hiatus

    DBS Bank is planning a roadshow ahead of its first dollar covered bond in over three years, and the first from a Singaporean bank since February 2017. The expected deal follows two large Canadian benchmarks and shows that dollar covered bond funding is becoming more compelling than euros.

    • 09 Nov 2018
  • Demand for ESNs likely, but supply in doubt

    A feasibility study on prospective issuance of European Secured Notes (ESN) — a dual recourse structure that works like a covered bond — suggests good potential for demand but limited scope for supply. Even so, setting up a legislative framework is probably a good idea as circumstances may change, the study has concluded.

    • 08 Nov 2018
  • DNB pre-funds with covered bonds in size

    DNB Boligkreditt took the opportunity on Wednesday to pre-fund as the start of next year is expected to be volatile. The DNB Bank subsiduary issued one of the largest five year covered bonds of 2018. Despite its large size, the deal was priced with a tight new issue concession.

    • 07 Nov 2018
  • Bank of Nova Scotia serves up rare offering to Swiss market

    Bank of Nova Scotia (BNS) offered Swiss investors a rare chance to buy its debt with a seven year covered bond from a rare name on Tuesday.

    • 07 Nov 2018
  • Coventry issues first Sonia-linked financial five year

    Coventry Building Society became the first financial institution to issue a five year Sonia-linked covered deal on Tuesday, just beating Yorkshire Building Society (YBS) to the punch.

    • 06 Nov 2018
  • DZ Hyp issues first Pfandbrief under new brand name

    DZ Hyp this week issued its first Pfandbrief following the merger of DG Hyp and WL Bank. At €1bn, the deal was larger than most and, though it was priced much tighter than a range of non-German seven year deals, it did land at the widest level for a German bank of this rating in over two years.

    • 06 Nov 2018
  • Yorkshire, Coventry, Lloyds and DZ Hyp embark on series of covered bond firsts

    Yorkshire Building Society (YBS) and Coventry Building Society have mandated leads for the first five year Sonia-linked covered bonds, Lloyds is out with the first Reg S dollar covered bond from a UK issuer in years, and DZ Hyp has mandated leads for the first deal under its new brand name. Elsewhere, Bank of Nova Scotia has opened order books for a three year sterling tap.

    • 05 Nov 2018
  • Mixed hopes for November covered bond supply

    Covered bond spreads are likely to be wider in January when supply typically peaks, making a good argument for pre-funding this November and giving optimism to some bankers. However, while there are a few projects slated for next week, other bankers do not believe an avalanche of deals is likely.

    • 02 Nov 2018

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  • Covered bond timing is everything

    The covered bond market has a reputation for allowing tough trades to be done, so when My Money Bank postponed its debut deal, the product was imprudently tarnished. The situation could have been avoided had the deal been launched a week earlier or sometime later — just not last week.

    • 01 Oct 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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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 12,659.07 70 5.35%
2 UniCredit 12,127.14 83 5.12%
3 LBBW 10,943.55 71 4.62%
4 UBS 10,837.07 59 4.58%
5 Natixis 10,799.35 60 4.56%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 78,014.43 337 6.02%
2 Citi 77,214.69 400 5.96%
3 Bank of America Merrill Lynch 76,404.26 306 5.89%
4 Goldman Sachs 70,389.57 603 5.43%
5 Morgan Stanley 66,720.45 378 5.15%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 64,244.12 239 10.43%
2 Bank of America Merrill Lynch 64,209.48 258 10.42%
3 Citi 60,404.95 302 9.81%
4 Goldman Sachs 53,708.88 538 8.72%
5 Morgan Stanley 51,811.54 295 8.41%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 7,883.86 30 6.98%
2 LBBW 6,252.10 27 5.53%
3 Deutsche Bank 6,252.08 21 5.53%
4 UniCredit 6,211.91 25 5.50%
5 Credit Agricole CIB 6,198.22 24 5.48%

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 12.61%
2 Barclays 4,776.16 18 7.94%
3 BNP Paribas 4,744.51 21 7.89%
4 Credit Suisse 4,518.72 16 7.51%
5 UBS 3,877.49 18 6.45%