Latest Covered Bonds news

  • EBA takes ‘step forward’ in creating ESN asset class

    The European Banking Authority has spelled out its thoughts about the worth of creating a market for European Structured Notes (ESNs), a covered bond-like dual-recourse instrument backed by a broader range of assets than legislative covered bonds ahead of a public hearing on the potential asset class next week.

    • 22 Jun 2018
  • Canadian banks line up after CIBC revives dollar covereds

    Canadian Imperial bank of Commerce this week issued the first dollar covered bond in 144A format this year. The funding, which was much cheaper than the cost of raising a similar deal in dollar senior format, could well unleash a slew of supply, mostly from Canadian banks but also potentially from European names.

    • 21 Jun 2018
  • RBC makes triumphant covered return

    After an absence of more than two years, Royal Bank of Canada this week issued its first covered bond in euros, attracting a comfortably oversubscribed order book for a €1.5bn deal which was priced with a skinny new issue concession.

    • 21 Jun 2018
  • Deutsche Hypo issues widest Pfandbrief of 2018

    Deutsche Hypo this week priced an eight year Pfandbrief at the widest level of any benchmark sized German covered bond this year, suggesting investor sensitivity is particularly pronounced in this part of the curve when the spread to mid-swaps is negative.

    • 21 Jun 2018
  • ECBC appoints Dierick as deputy chair

    The European Covered Bond Council (ECBC) has appointed Boudewijn Dierick as deputy chairman where he will help advise on a number of key developments, including the impending implementation of the European Commission’s covered bond directive and the formulation of a legal framework for European Secured Notes which will begin to take form on Tuesday, June 26.

    • 21 Jun 2018
  • Bank of Italy consults on covered bonds

    Italian banks will no longer need to have a minimum capital base of €250m to issue covered bonds. That suggests potential for an expansion of the market without relying on a multi-issuer framework where banks would pool assets to reach a benchmark size of €500m.

    • 20 Jun 2018
  • Duo do well in ‘less straightforward’ deals

    Erste Group and Caffil found good demand for their covered bonds that were respectively issued in the six and 20 year tenors on Tuesday. But neither deal was straightforward, according to leads, who noted that overnight market volatility had weighed on sentiment.

    • 19 Jun 2018
  • SG prices covered bonds tight as Erste and Caffil line up

    Société Générale returned to the covered bond market for the second time this year and found strong demand for its tightly priced long seven year. The excellent reception will help boost confidence for Erste Group and Caffil, which have both mandated for follow-on covered bonds.

    • 18 Jun 2018
  • LBBW draws deeper and more diverse demand for green Pfandbrief first

    LBBW’s debut green Pfandbrief attracted a larger order book from a wider set of international investors compared with a vanilla deal, suggesting the bonds have good scope to perform relative to ordinary deals.

    • 18 Jun 2018
  • LBBW to issue its first green Pfandbrief

    LBBW has mandated leads for its first Pfandbrief secured on green mortgages. The transaction follows a similar deal last week from DNB Boligkreditt and comes after LBBW’s inaugural green senior deal launched in December 2017. Several other covered bonds are expected next week.

    • 15 Jun 2018
  • Green covered bonds can fill CBPP3’s void

    DNB Boligkreditt showed this week that borrowers have a very good incentive to consider issuing green covered bonds, especially now that the European Central Bank has signalled its intention to reduce net buying of assets under the Covered Bond Purchase Programme (CBPP3) to zero by December.

    • 14 Jun 2018
  • Risk study on energy-efficient mortgages commences

    A pilot scheme to assess the risk of mortgages on energy-efficient buildings, compared with those on standard properties, was launched on Thursday by the European Mortgage Federation and European Covered Bond Council (EMF-ECBC) under its Energy-Efficient Mortgage Initiative.

    • 14 Jun 2018
  • Core covered bonds show value despite tapering expectations

    Investors believe core covered bond spreads have the scope to tighten. but the underlying mood is still fragile, investors lack confidence and are fearful that volatility will return, especially in the peripheral markets. There is also a risk that the European Central Bank proves to be more hawkish than expected at this Thursday’s policy meeting.

    • 13 Jun 2018
  • DNB’s ‘landmark’ green debut prices in line with France

    DNB Boligkreditt priced its inaugural green covered bond this week, paying a smaller new issue premium than core European names, but still attracting a large and granular order book in a short time frame.

    • 12 Jun 2018
  • Spabol swipes €1bn of covered funding

    Sparebank 1 Boligkreditt took advantage of a slight improvement in sentiment on Monday to issue a €1bn five year covered bond while Møre Boligkreditt issued a sub-benchmark deal. The two banks followed DG Hyp which issued a nine year benchmark.

    • 11 Jun 2018

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  • Green covered bonds can fill CBPP3’s void

    DNB Boligkreditt showed this week that borrowers have a very good incentive to consider issuing green covered bonds, especially now that the European Central Bank has signalled its intention to reduce net buying of assets under the Covered Bond Purchase Programme (CBPP3) to zero by December.

    • 14 Jun 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.

This now includes all the data from TheCover

Covered Bonds 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 8,539.81 48 5.60%
2 UniCredit 8,425.45 50 5.52%
3 Natixis 8,089.32 38 5.30%
4 LBBW 7,986.15 46 5.23%
5 Credit Suisse 7,360.16 38 4.82%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 52,618.66 188 6.74%
2 JPMorgan 50,853.66 203 6.51%
3 Citi 47,224.49 241 6.05%
4 Goldman Sachs 43,875.83 337 5.62%
5 Morgan Stanley 42,506.23 223 5.44%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 43,104.00 156 11.03%
2 JPMorgan 42,492.21 146 10.88%
3 Citi 39,049.99 192 10.00%
4 Goldman Sachs 35,815.39 302 9.17%
5 Morgan Stanley 33,365.56 178 8.54%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 6,511.67 24 8.20%
2 UniCredit 5,364.43 20 6.75%
3 LBBW 4,811.97 20 6.06%
4 SG Corporate & Investment Banking 4,456.32 19 5.61%
5 Deutsche Bank 4,411.19 14 5.55%

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 4,729.28 11 12.78%
2 UBS 3,374.07 13 9.12%
3 BNP Paribas 2,704.23 11 7.31%
4 Credit Agricole CIB 2,458.47 6 6.64%
5 SG Corporate & Investment Banking 2,263.58 10 6.12%