Latest Covered Bonds news

  • Deloitte predicts TFS will end, prompting UK covered bond boom

    Analysts at Deloitte said this week that they expected the Bank of England would not renew its Term Funding Scheme, leading to a substantial rise in covered bond issuance volumes. This is at odds with the views of some market participants, who believe that Brexit could make a new funding programme inevitable in the UK.

    • 22 Feb 2019
  • Vote on covered bonds issued last week

    Which covered bond issued last week did you rate most highly? Please cast your confidential vote for any, or all of the euro benchmarks launched in the last two weeks.

    • 22 Feb 2019
  • Estonian covered bond law opens door for Luminor Bank

    The Estonian parliament’s recent approval of covered bond legislation paves the way for the first Baltic deal, which could come from Luminor Bank, but whether it is initially secured on a pool of pan-Baltic mortgages remains to be seen.

    • 21 Feb 2019
  • Sparebanken 1 the best of the rest in survey

    Sparebanken 1 Boligkreditt’s (Spabol) 10 year has the highest covered bond mark of all deals issued by any bank outside the eurozone this year on GC BondMarker. SEB issued the highest scoring Swedish deal and Royal Bank of Canada (RBC) issued the best ranking Canadian covered bond this year.

    • 21 Feb 2019
  • Pfandbrief trio vie to be top dog in covered bonds

    Of the 13 German Pfandbriefe issued this year, a trio of deals issued by DZ Hyp, BayernLB and Deutsche Pfandbriefbank are vying for the top covered bond mark.

    • 21 Feb 2019
  • SG and CM-CIC covered bonds win top marks, Caffil has scope to improve

    Société Générale’s €1bn eight year and Credi-Mutuel CIC’s €1bn five year are leading the way with the highest mark of all French covered bonds issued this year on GC Bond Marker. But with the survey still open on Caffil’s recent €1bn 10 year social debut, these two issuers could well be knocked off the top spot.

    • 21 Feb 2019
  • NN Bank improves on Achmea showing with CPT

    Dutch issuer NN Bank attracted twice as much demand for its conditional passthrough (CPT) covered bond on Wednesday as its compatriot Achmea managed last week. Moreover, the issuer was able to tighten the spread much further from the initial level, enabling it to be priced with virtually no new issue concession.

    • 20 Feb 2019
  • HVB Pfandbrief tap shows how times have changed

    UniCredit’s German subsidiary, HVB, attracted much more demand for a €500m tap of a 10 year benchmark on Wednesday than when the bond was originally issued in January. Not only that but it did so at a tighter spread and new issue concession. The strong execution underscores just how much market sentiment has improved.

    • 20 Feb 2019
  • Cross-border recognition of assets is key to pan-Baltic covered bond success

    Covered bonds offer a way for Baltic banks to develop a new seam of long-term standalone wholesale funding. But a successful conclusion to this project will depend on whether investors are convinced there is an effective mechanism for cross-border recognition of assets.

    • 19 Feb 2019
  • Luminor to test pan-Baltic covered bonds under Estonian law

    Parliamentary approval of Estonian covered bond legislation opens the way for Luminor Bank to make the first steps towards establishing a pan-Baltic covered bond market, according to the bank’s head of treasury, Max Ehrengren.

    • 19 Feb 2019
  • UBI issues most heavily subscribed OBG in six years

    Unione di Banche Italiane issued the most heavily subscribed Obbligazioni Bancarie Garantite since January 2013, showing that, despite pricing over 100bp tighter than Italian government bonds, it offered value to some investors. Demand was probably boosted by an improvement in sentiment that followed comments from the European Central Bank suggesting a new stimulus package is in the offing.

    • 18 Feb 2019
  • Covered bond pipe rebuilds as issuers emerge from blackout

    The Mortgage Society of Finland has mandated leads for a roadshow with a view to issuing a seven year deal. It follows Volksbank Wien which mandated leads last week and precedes a number of issuers expected to announce mandates after emerging from blackout.

    • 18 Feb 2019
  • Research round-up: slowing supply should support spreads

    New issue premiums have stabilised at reasonable levels, oversubscription ratios have steadied and secondary flows are more mixed. While a small widening cannot be ruled out, the more constrained supply outlook will keep spreads in check.

    • 15 Feb 2019
  • Scope berates ECB for covered bond OC signalling

    The European Central Bank’s liquidity stress test requires banks to report the maximum volume of covered bonds they could issue. This sends the wrong message to issuers who will think it is alright to max out on covered bond issuance, even though it reduces the overcollateralisation (OC) that is there to protect investors.

    • 14 Feb 2019
  • Vakifbank sells second covered bond of 2019

    Vakifbank has found competitive funding with a privately placed covered bond, its second of the year, sold via sole lead manager Credit Suisse, even though the publicly syndicated Turkish covered bond market has been closed for some time.

    • 14 Feb 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 5,239.87 22 7.07%
2 Barclays 4,135.60 21 5.58%
3 UniCredit 4,051.06 32 5.46%
4 LBBW 4,045.18 22 5.46%
5 Natixis 3,766.40 16 5.08%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 16,009.02 70 7.52%
2 Morgan Stanley 13,179.54 64 6.19%
3 JPMorgan 13,100.43 56 6.15%
4 Goldman Sachs 12,657.95 85 5.95%
5 BNP Paribas 11,455.48 34 5.38%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,811.28 46 10.73%
2 Citi 11,687.10 53 10.62%
3 Goldman Sachs 11,446.94 77 10.40%
4 Morgan Stanley 11,022.13 49 10.01%
5 Bank of America Merrill Lynch 9,769.97 38 8.88%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 3,255.83 11 7.35%
2 HSBC 3,089.99 10 6.97%
3 LBBW 3,017.42 12 6.81%
4 Barclays 2,870.45 11 6.48%
5 Credit Agricole CIB 2,847.49 11 6.43%

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 UBS 2,550.05 5 22.22%
2 Credit Agricole CIB 1,563.81 4 13.62%
3 HSBC 984.09 6 8.57%
4 Deutsche Bank 695.24 5 6.06%
5 Santander 660.14 4 5.75%