Latest Covered Bonds news

  • Vote now on all 22 euro covered bond deals issued in 2019!

    Please cast your confidential vote for any or all of this year's 22 euro covered bond benchmarks. You don’t need to be a subscriber!

    • 18 Jan 2019
  • Kogta issues India's first dual recourse bond

    Non-bank lender Kogta Financial and Northern Arc Capital have sold the first Indian dual recourse bond secured on auto loan receivables.

    • 18 Jan 2019
  • Covered bond issuers turn to PP market

    Although the public covered bond market was quiet over the second half of this week, several issuers have been busy working on private placements in the year so far. These deals have been driven by reverse enquiry from insurance firms looking for safe, ultra-long dated investments that meet return targets.

    • 17 Jan 2019
  • LBBW issues tightest covered bond so far

    LBBW this week issued a long three year public sector Pfandbrief at the tightest spread of the year, showing just how receptive investors are to supply, particularly for strong names in short tenors.

    • 16 Jan 2019
  • OBG supply can provide political cover for TLTRO III

    Never mind the fact that Italian banks are unable to fund themselves economically. If a few can demonstrate access to the Obbligazioni Bancarie Garantite market, the European Central Bank’s impending third targeted long term refinancing operation (TLTRO) might look less like a bailout.

    • 15 Jan 2019
  • Deutsche Bank gets ‘textbook’ Pfandbrief execution

    Deutsche Bank returned to the covered bond market to issue a perfectly choreographed Pfandbrief. The deal was launched into a relatively quiet market and quickly attracted strong demand, enabling leads to set terms very early in the day despite underlying market concerns.

    • 15 Jan 2019
  • How the covered bond marker works

    Half of the Covered Bond Mark is derived from a survey of market participants. The other half is calculated using a range of key metrics — such as the deal’s subscription ratio, its performance, the granularity of the order book, and the transaction’s size.

    • 15 Jan 2019
  • Covered bond bids improve as Brexit storm clouds gather

    Bids for recently issued covered bond deals are trading close to or tighter than their reoffer spreads but with the UK parliament’s crunch vote on the European withdrawal agreement due on Wednesday, scope for a further widening cannot be ruled out. Especially if new issue premiums continue to reprice curves.

    • 14 Jan 2019
  • ANZ becomes first overseas bank to issue Sonia-linked covered bond

    ANZ became the first non-UK bank to issue a Sonia-linked covered bond on Friday. The competitive and sizeable funding could well spur follow-on issuance from another non-UK bank early next week.

    • 11 Jan 2019
  • Credit Ag and Caffil catch long end in covereds

    Crédit Agricole reached considerable size expectations and raised €1.5bn of 10 year covered bond funding on Monday. A day later Caffil raised a not insignificant €1.25bn with a well subscribed two part six and 15 year offering.

    • 10 Jan 2019
  • Canadian and Nordic covereds hit the spot

    Investors flocked to Nordic and Canadian covered bonds issued this week by DNB Boligkreditt, Bank of Nova Scotia (BNS) and National Bank of Canada, perhaps reflecting a view that their spreads are well positioned to withstand the European Central Bank’s withdrawal from covered bond market.

    • 10 Jan 2019
  • Helaba takes Pfandbrief pride of place

    A decision by Landesbank Hessen-Thueringen Girozentrale (Helaba) to issue a rare three year covered bond as part of a two part offering, paid off and put its covered bond offering head and shoulder above other deals issued this week by BayernLB, HVB and UniCredit Bank Austria.

    • 10 Jan 2019
  • Westpac hits dollars and euros covered bonds

    Westpac issued the first dollar covered bond of the year this week, while its New Zealand subsidiary hit the euro market following the demand unearthed by an earlier deal from ANZ New Zealand.

    • 10 Jan 2019
  • Credito Emiliano opens peripheral covereds

    Credito Emiliano this week issued the first Obbligazioni Bancarie Garantite of the year, sending a strong signal to issuers struggling to fund in the senior market. The Italian bank followed Deutsche Bank SA which issued the first Spanish deal of 2019.

    • 10 Jan 2019
  • Credito Emiliano gives OBGs a strong start

    Credito Emiliano has successfully issued the first Obbligazioni Bancarie Garantite of the year. Some bankers believe the bond issue sends a strong signal to issuers struggling to fund in the senior market and should therefore catalyse supply, but other have their doubts.

    • 10 Jan 2019

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  • OBG supply can provide political cover for TLTRO III

    Never mind the fact that Italian banks are unable to fund themselves economically. If a few can demonstrate access to the Obbligazioni Bancarie Garantite market, the European Central Bank’s impending third targeted long term refinancing operation (TLTRO) might look less like a bailout.

    • 15 Jan 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.

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 2,178.54 9 7.19%
2 Barclays 1,796.79 8 5.93%
3 UniCredit 1,755.37 10 5.80%
4 RBC Capital Markets 1,701.06 6 5.62%
5 SG Corporate & Investment Banking 1,607.59 7 5.31%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 7,786.52 11 9.83%
2 Citi 7,555.38 23 9.54%
3 Wells Fargo Securities 5,887.91 6 7.43%
4 JPMorgan 5,473.47 21 6.91%
5 Morgan Stanley 4,949.43 16 6.25%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Wells Fargo Securities 5,887.91 6 13.85%
2 Citi 5,438.91 18 12.79%
3 JPMorgan 5,372.59 20 12.64%
4 Morgan Stanley 4,639.07 13 10.91%
5 Bank of America Merrill Lynch 2,889.79 12 6.80%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 1,378.34 5 8.96%
2 Natixis 1,277.72 4 8.31%
3 Barclays 1,252.42 5 8.14%
4 LBBW 1,252.06 5 8.14%
5 SG Corporate & Investment Banking 1,183.61 4 7.70%

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 JPMorgan 131.18 2 17.98%
1 Bank of America Merrill Lynch 131.18 2 17.98%
3 UBS 87.50 1 11.99%
3 Deutsche Bank 87.50 1 11.99%
5 UniCredit 43.68 1 5.99%