Latest Covered Bonds news

  • BoQ offers yield ahead of TLTRO squeeze

    Bank of Queensland was able on Thursday to shave off the new issue premium for its new covered bond. It offered a juicy spread at a time when supply of high coupon deals in the asset class is threatened by the European Central Bank’s liquidity operations.

    • 23 May 2019
  • Nationwide takes size with tightest UK covered bond spread

    Nationwide Building Society priced the tightest UK covered bond this year on Wednesday and still managed to issue in a good size. The deal was well timed to take advantage of recent spread tightening with little hint of investor hesitation, even though Brexit concerns are set to mount.

    • 22 May 2019
  • Berlin Hyp unearths good demand for 10 year Pfandbrief debut

    Berlin Hyp (BHH) was able to price its first 10 year Pfandbrief flat to fair value reflecting the paucity of supply in this part of the curve. But even though the bonds were well subscribed, a little investor sensitivity was evident.

    • 22 May 2019
  • Last week's covered bonds can now be voted on

    Please take a couple of minutes to cast your confidential vote for euro covered bond benchmarks issued last week, such as Swedbank, BPCE, Abanca and ING DiBA.

    • 22 May 2019
  • LBBW prices green Reg S Pfandbrief in line with 144A deals

    LBBW attracted good demand for a $750m three year Reg S Pfandbrief on Tuesday, enabling the issue to be priced in line with where 144A deals had been indicated in the secondary market. A day later Deutsche Pfandbriefbank issued another three year.

    • 21 May 2019
  • Optimal Cédulas reform is possible, but tricky

    Spain has a limited amount of time to bring its Cédulas framework into line with the EU's Covered Bond Directive. A legal update is probably going to be less disruptive than a completely new law — but neither option is perfect.

    • 21 May 2019
  • LBBW to issue first green dollar Pfandbrief as KHFC hits the road in euros

    Hot on the heels of its senior non-preferred last week, LBBW has mandated leads for a three year green Pfandbrief. The Korean Housing & Finance Corporation (KHFC) is also preparing issuance, after mandating leads for a roadshow with plans to issue a euro covered bond.

    • 20 May 2019
  • BPCE and Swedbank covered bonds draw solid demand despite ‘heavy traffic’

    BPCE and Swedbank attracted good demand for their sizeable 12 and six year covered bonds on Monday. Although the bonds were priced tightly, initial order book momentum was slow. The Swedish issuer did particularly well in the context of money laundering charges.

    • 20 May 2019
  • PKO Bank Hipoteczny SA gears up for green

    PKO Bank Hipoteczny has published its green covered bond framework which complies with the International Capital Market Association’s Green Bond Principles, the Climate Bonds Initiative’s standard for residential buildings and has a second party opinion from sustainability rating agency, Sustainalytics.

    • 17 May 2019
  • Slovenska Sporitelna to roadshow euro covered bond

    Slovenska Sporitelna is planning to market its first internationally syndicated Aaa-rated euro covered bond, which could be sold in benchmark size. The expected deal follows Slovak Vseobecna uverova banka’s (VUB) €500m five year which was one of the best performing trades this year.

    • 17 May 2019
  • Abanca takes size with juicy Cédulas spread

    Abanca Corporacion Bancaria did well to raise 10 year funding for its debut covered bond, which offered a generous spread, but even at just €750m the deal was still one of the least subscribed covered bonds of the year.

    • 16 May 2019
  • ING DiBA shows thriving covered bond bid

    The frenetic pace of buying seen in covered bonds issued earlier this month may have ebbed as rates market volatility has increased, but Thursday’s dual tranche offering from ING DiBA showed that demand is still vigorous.

    • 16 May 2019
  • ECB tightens covered bond repo requirements

    The European Central Bank (ECB) is making it more difficult for banks to enter into covered bond repurchase agreement (repo) trades with it. That, along with a recent widening in the spread between senior unsecured bonds pay over banks' secured debt, such as covered bonds, could boost the supply of the latter to public markets.

    • 15 May 2019
  • Bank of New Zealand sets sights on euros

    Bank of New Zealand (BNZ) has mandated leads for a roadshow ahead of a possible euro senior unsecured or covered bond benchmark.

    • 14 May 2019
  • Investors frantically pile into covered bonds

    Covered bonds issued on Tuesday by UniCredit Bank AG and Hypo Vorarlberg Bank (HVB) found good demand, mainly from bank investors. Despite their meagre and diminishing returns, the bonds offered a better spread compared to other regulated assets.

    • 14 May 2019

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  • Optimal Cédulas reform is possible, but tricky

    Spain has a limited amount of time to bring its Cédulas framework into line with the EU's Covered Bond Directive. A legal update is probably going to be less disruptive than a completely new law — but neither option is perfect.

    • 21 May 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 UniCredit 8,310.39 68 6.26%
2 HSBC 7,890.10 39 5.94%
3 LBBW 7,461.99 41 5.62%
4 Natixis 5,933.30 28 4.47%
5 Barclays 5,557.78 30 4.18%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 42,113.29 211 6.63%
2 Bank of America Merrill Lynch 41,206.10 165 6.49%
3 JPMorgan 36,462.94 178 5.74%
4 HSBC 27,798.67 162 4.38%
5 Morgan Stanley 27,224.67 154 4.29%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 33,960.13 135 11.85%
2 Citi 33,121.38 164 11.55%
3 JPMorgan 29,312.27 137 10.23%
4 Morgan Stanley 19,909.37 108 6.95%
5 Goldman Sachs 17,936.95 177 6.26%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 LBBW 5,089.85 19 7.10%
2 Natixis 4,918.89 18 6.86%
3 HSBC 4,323.51 15 6.03%
4 Credit Agricole CIB 4,174.25 17 5.82%
5 UniCredit 4,163.16 19 5.81%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
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 3,549.81 11 11.28%
2 UBS 3,334.58 12 10.60%
3 Barclays 3,229.69 10 10.26%
4 BNP Paribas 2,554.19 12 8.12%
5 HSBC 1,977.94 14 6.29%