Latest Covered Bonds news

  • Pockets of covered bond value get harder and harder to find

    With yields at all-time lows and spreads continuing to contract, it is difficult to find value in covered bonds, but with supply drying up and further stimulus from the European Central Bank on the way, there are some overlooked parts of the market which ought to perform, traders say.

    • 03:30 PM
  • Rating upgrade boosts Kutxabank ahead of covered bond maturities

    Standard and Poor’s has upgraded its ratings for covered bonds issued by Kutxabank, as the Spanish lender looks ahead to a series of redemptions over the course of the next year.

    • 12:00 PM
  • Covered bond awards 2019 survey now open

    GlobalCapital's covered bond awards 2019 survey is now open. Lead managers, issuers and investors can vote any time from now until Friday August 16. You don't need to be a subscriber to vote.

    • 19 Jul 2019
  • Cast your vote on the latest covered bonds

    Please take a couple of minutes to cast your confidential vote on the latest 11 euro covered bonds - including those recently issued by Banco di Desio, Societe Generale, Santander and Axa SFH.

    • 19 Jul 2019
  • Dollar covered bond duo get solid reception

    Lloyds Bank was able to increase the size of its second dollar bond issued in less than a year, but still paid a minimal new issue concession. It followed Munchener Hypothekenbank (MuHyp) which issued a highly oversubscribed and tightly priced Pfandbrief on Tuesday.

    • 18 Jul 2019
  • Yield hunters beckon eurozone periphery after Greek and Italian successes

    Borrowers across the eurozone periphery will have spied a chance to raise capital after deals from Greece and Italy’s Banco di Desio this week.

    • 18 Jul 2019
  • Desio gives eurozone periphery covered bond issuers ‘reason to look again’

    Robust demand for this week’s covered bond from Banco di Desio e della Brianza has boosted hopes of further supply from the eurozone periphery. But, with further European Central Bank stimulus on the way, a supply ‘onslaught’ is unlikely.

    • 18 Jul 2019
  • Nationwide's Sonia conversion is positive

    Nationwide Building Society has restructured the swaps underlying its covered bond programme to ensure a proportionate share of the cover pool's mortgage interest will be swapped to Sonia, winning approval from Moody's this week.

    • 17 Jul 2019
  • Lloyds increases dollar covered bond return

    Lloyds Bank was able to increase the size of its second dollar covered bond issued on Wednesday — its second deal in this market in the last year. In doing so, it still managed to pay a minimal new issue concession.

    • 17 Jul 2019
  • Brexit premium rises for UK banks as Tories pick new PM

    Investors have been discounting UK bank bonds in the secondary market in recent weeks, as it becomes increasingly unclear how a change of prime minister will affect the country’s approach to leaving the EU.

    • 17 Jul 2019
  • MuHyp issues super-tight dollar Pfandbrief, Lloyds to follow

    Muenchener Hypothekenbank (MuHyp) was set to issue a $600m three year Reg S dollar Pfandbrief on Tuesday, at close to the tightest levels seen this year and with exceptionally strong demand. The stellar outcome encouraged Lloyds Bank to announce a follow-on deal of its own.

    • 16 Jul 2019
  • Desio prices OBG inside fair value

    Banco di Desio e della Brianza took advantage of a recent 100bp rally in Italian government bonds to issue an Obbligazioni Bancarie Garantite (OBG) on Tuesday with a negative new issue premium.

    • 16 Jul 2019
  • MuHyp turns to dollars for next Pfandbrief

    Muenchener Hypothekenbank has mandated lead managers to execute a new Reg S dollar Pfandbrief. The deal follows a series of German dollar covered bonds issued at the short end of the curve this year.

    • 15 Jul 2019
  • Covered Bond Awards 2019: final call for nominations

    GlobalCapital invites market participants to nominate their favourite covered bond lead managers, issuers and deals by the close of play today. The shortlists will be decided this week-end and voted on by the market from the start of next week.

    • 12 Jul 2019
  • Risk-weight fiddling won't save planet

    The pace of growth in green mortgage financing is improving, but it is still woefully inadequate, particularly with respect to covered bonds where there are no price advantages. Fiddling with mortgage risk weights while the world burns will not change behaviour quickly enough.

    • 11 Jul 2019

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  • Risk-weight fiddling won't save planet

    The pace of growth in green mortgage financing is improving, but it is still woefully inadequate, particularly with respect to covered bonds where there are no price advantages. Fiddling with mortgage risk weights while the world burns will not change behaviour quickly enough.

    • 11 Jul 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

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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 UniCredit 10,283.03 88 6.01%
2 HSBC 9,924.14 51 5.80%
3 LBBW 8,393.04 48 4.91%
4 Natixis 7,239.94 37 4.23%
5 UBS 7,025.55 38 4.11%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 55,206.99 242 6.06%
2 JPMorgan 52,753.76 271 5.79%
3 Citi 52,120.64 279 5.72%
4 Morgan Stanley 41,067.38 223 4.51%
5 HSBC 36,375.06 225 3.99%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 45,511.73 199 11.58%
2 JPMorgan 42,181.52 207 10.73%
3 Citi 40,920.97 214 10.41%
4 Morgan Stanley 30,577.16 152 7.78%
5 Goldman Sachs 27,936.22 261 7.11%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,939.43 23 6.77%
2 LBBW 5,403.66 21 6.16%
3 UniCredit 5,082.55 24 5.79%
4 HSBC 5,076.13 19 5.78%
5 Credit Agricole CIB 4,965.07 22 5.66%

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 Barclays 6,170.54 15 14.33%
2 UBS 4,233.38 20 9.83%
3 BNP Paribas 3,846.71 16 8.93%
4 Credit Agricole CIB 3,549.81 11 8.24%
5 HSBC 2,321.22 16 5.39%