Latest Covered Bonds news

  • Covered Bond Awards 2018: survey now open

    The survey for this year's covered bond awards has now been opened. Please take a look at the shortlists and cast your votes.

    • 20 Jul 2018
  • Covered bond directive stalls over asset eligibility

    The European Commission is expected to redraft two articles of its proposed covered bond directive (CBD), pushing back the legislation, and if there are any more hold-ups the directive could be delayed until 2020 or later, said analysts at Crédit Agricole.

    • 19 Jul 2018
  • Relative value helps draw demand for BPM

    Banco Popolare di Milano (BPM) attracted a bit more demand for a covered bond it issued this week than the previous two Italian deals, as the relative value compared to Italian government bonds was more attractive.

    • 18 Jul 2018
  • NBC rides attractive dollar swap for cheap euro funding

    National Bank of Canada went to the euro market on Tuesday for funding levels that it would not have been able to match in dollars, joining a string of other North American issuers looking to benefit from cheap financing conditions in the currency.

    • 17 Jul 2018
  • Italy spreads move apart from rest of periphery

    Covered bonds from Italian banks underperformed those from lenders in Spain and Greece last week, although this may have partly been down to recent new issues offering significant concessions to investors.

    • 16 Jul 2018
  • Potential for record covered bond supply in 2018

    After a strong start to the year, covered bond supply is widely expected to top annual forecasts of around €120bn. Prospects for the second half of the year will depend on how credit markets behave and how issuers consider refinancing central bank term liquidity. Given these large variables, supply this year could yet prove exceptionally high.

    • 13 Jul 2018
  • Greek covereds should perform against Italian

    National Bank of Greece (NBG) won an investment grade covered bond rating this week, showing the way for European Central Bank (ECB) repo eligibility to other Greek banks. Along with a more stable fiscal and political backdrop and an imminent exit from its bail-out programme, Greek covered bonds have a good chance of outperforming Italian versions.

    • 12 Jul 2018
  • CBA sells first dollar covered since 2015

    Commonwealth Bank of Australia (CBA) took advantage of a 40bp spread differential to senior dollar funding this week to issue its first dollar covered bond in three years.

    • 11 Jul 2018
  • Opposing investor views on Italian risk

    Three covered bond deals issued by Italian banks in recent days have elicited a mixed reaction from investors, particularly with respect to their value compated to senior unsecured debt.

    • 11 Jul 2018
  • BayernLB Pfandbrief in demand, despite third visit

    Bayerische Landesbank (BayernLB) attracted more demand for its €500m nine year than Hypo Vorarlberg Bank (Vorhyp) did for its €500m eight year this week, even though the Austrian deal benefits from greater scarcity value.

    • 10 Jul 2018
  • BPER gets better OBG result than Mediobanca

    BPER Banca had slightly more success than compatriot Mediobanca on Tuesday with a defensively priced €500m five year Obbligazioni Bancarie Garantite.

    • 10 Jul 2018
  • Vorhyp and BayernLB hit eights and nines in covereds

    Hypo Vorarlberg (Vorhyp) and Bayerische Landesbank (BayernLB) have mandated leads respectively for eight and nine year €500m no-grow covered bonds.

    • 09 Jul 2018
  • NBG wins investment grade covered bond rating

    Standard & Poor’s assigned an investment grade rating to the National Bank of Greece’s (NBG) conditional pass through (CPT) covered bond programme on July 6.

    • 06 Jul 2018
  • Italian banks race to get deals done before funding window closes

    After a long hiatus, the Italian financial institution bond market exploded into life with week with two covered bonds and one debut unsecured transaction. Though demand was clearly more nuanced for the second covered bond, bankers were hopeful others would soon follow. Bill Thornhill and Jasper Cox report.

    • 05 Jul 2018
  • Mediobanca shows OBG demand is more nuanced

    Mediobanca followed Intesa into the Obbligazioni Bancarie Garantite (OBG) market on Thursday and, despite coming with an easier to sell shorter maturity, demand was down by almost two-thirds compared to the earlier deal. Even so, bankers have not ruled out the possibility that one or two Italian banks could soon follow.

    • 05 Jul 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

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 9,646.84 53 5.49%
2 UniCredit 9,161.39 60 5.21%
3 LBBW 8,568.90 53 4.88%
4 Natixis 8,477.22 42 4.82%
5 Credit Suisse 7,862.88 42 4.47%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 61,942.43 205 6.84%
2 JPMorgan 59,971.32 225 6.62%
3 Citi 57,759.05 265 6.38%
4 Goldman Sachs 51,048.80 410 5.63%
5 Morgan Stanley 47,932.32 250 5.29%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 51,483.28 169 11.71%
2 JPMorgan 50,463.92 159 11.47%
3 Citi 46,416.84 207 10.55%
4 Goldman Sachs 39,496.10 363 8.98%
5 Morgan Stanley 36,328.64 191 8.26%

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 7.33%
2 UniCredit 5,302.66 21 5.97%
3 Deutsche Bank 5,002.94 16 5.64%
4 LBBW 4,811.97 20 5.42%
5 Commerzbank Group 4,809.31 18 5.42%

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 11.90%
2 UBS 3,374.07 13 8.49%
3 BNP Paribas 2,704.23 11 6.80%
4 Credit Agricole CIB 2,490.29 7 6.27%
5 Credit Suisse 2,352.50 10 5.92%