• SCBC to test appetite for seven year Swedish covered bonds

    The Swedish Covered Bond Corporation has mandated joint leads for a seven year euro benchmark which is likely to be launched on Monday. The deal will be closely watched to see how it compares with Stadshypotek, which issued a seven year to a lacklustre reception in November.

    • 19 Jan 2018
  • Alpha mandates leads for soft bullet covered bond

    Alpha Bank has mandated leads for the third publicly syndicated Greek covered bond in three months. But in contrast to the first two deals, it has chosen a longer maturity with a soft bullet structure, instead of a conditional pass through.

    • 19 Jan 2018
  • Investor price discrimination is the thin edge of the tapering wedge

    Primary covered bond sales have gone smoothly so far this year, with borrowers continuing to pay negligible new issue premiums and still attracting comfortably oversubscribed order books. But look a little closer and its clear there’s been a perceptible change. Investors are fighting back, and beginning to get their way.

    • 18 Jan 2018
  • Rates markets start to rock from pricing pushback

    It’s hard to fault the support the euro market has offered rates borrowers in the past week. Executions have been smooth, books well-filled and new issue premiums skinny. But, with ever more hawkish signals from the European Central Bank and steepening yield curves, the future does not look so rosy for borrowers. The balance of pricing power seems likely to shift in favour of investors.

    • 18 Jan 2018
  • Sparebank eyes green covered as Luxembourg plans law

    Sparebank 1 Boligkreditt has mandated lead managers for a roadshow to market its first green covered bond. The move coincided with proposals from lawmakers in Luxembourg for a green covered bond framework.

    • 18 Jan 2018
  • Covered bond 10 year trio hoovered up with ease

    NIBC, Raiffeisenlandesbank NiederÖsterreich-Wien (RLB NW) and BayernLB were easily able to sell 10 year covered bonds issued this week, thanks to their small size and European Central Bank demand.

    • 18 Jan 2018
  • Non-eurozone covered issuers favour fives

    DNB Boligkreditt and Canadian Imperial Bank of Commerce this week issued the first five year covered bonds of the year and found strong demand, even though there was a sensitivity around the final spread.

    • 18 Jan 2018
  • Ring-fencing UK covered bonds is positive

    UK issuers propose to include their covered bond programmes within their ring-fenced entities, which is positive for their credit quality, said Moody’s.

    • 18 Jan 2018
  • Luxembourg proposes first green covered bond law

    The finance ministry in Luxembourg has published a draft covered bond law to finance renewable energy infrastructure loans. But there could be limited demand to use the framework, and much depends on new European rules coming later this year.

    • 18 Jan 2018
  • CIBC follows DNB in fives, a tenor of choice as 2018 unfolds

    Canadian Imperial Bank of Commerce followed DNB Boligkreditt with the second five year covered bond of the year. The tenor, which appeals to the broadest audience and offers the best execution certainty, should become increasingly popular as tapering of central bank purchases and refinancing of the central bank liquidity takes effect.

    • 17 Jan 2018
  • FIG investors weigh up AT1s as first of 2018 arrives

    Raiffeisen Bank International was marketing the first additional tier one (AT1) note of the year on Wednesday morning, with investors continuing to see value in the asset class. Meanwhile, covered bond investors are becoming fussier over price adjustments.

    • 17 Jan 2018
  • DNB differentiates in crowded covered mart with rare fives

    DNB Boligkreditt differentiated itself in a crowded covered bond market on Tuesday by issuing the first five year deal of 2018, a strategy that paid off, given it was also the largest deal of the year.

    • 16 Jan 2018
  • NIBC and RLB-NW keep 10s busy in covered bonds

    NIBC and Raiffeisenlandesbank NiederÖsterreich-Wien (RLB NW) found solid demand for their pair of €500m 10 year covered bonds issued on Tuesday. But with the tighter Austrian deal extracting more demand at a tighter spread, investors clearly showed a preference for the hard bullet maturity.

    • 16 Jan 2018
  • BPM covered bond soars in sevens

    Banca Popolare di Milano (BPM) successfully issued its first covered bond transaction since June 2016 with the high spread overcoming credit quality and volatility concerns.

    • 16 Jan 2018
  • BayernLB issues first of three 10 year covered bonds

    BayernLB has issued the first of three 10 year covered bonds to be priced this week. With the European Central Bank stepping up its presence in the primary market compared to January 2017, forthcoming deals from NIBC and Raiffeisenlandesbank NiederÖsterreich-Wien (RLB NW) are assured of a smooth execution.

    • 15 Jan 2018
  • BNS enjoys solid euro reception, but price sensitivity is becoming more of a theme

    Price sensitivity is becoming a material theme in covered bond deals issued this week, and the first Canadian covered bond of 2018, issued by Bank of Nova Scotia on Friday, was no exception.

    • 12 Jan 2018
  • Sparebank 1 set for green covered, Luxembourg plans green law

    Sparebank 1 Boligkreditt has mandated lead managers for a roadshow to market it first green covered bond. The news comes amid German press articles suggesting lawmakers in Luxembourg are set to propose a green covered bond framework. BayernLB is also lining up a vanilla 10 year Pfandbrief for execution on Monday.

    • 12 Jan 2018
  • Green and social to drive revamped DZ Bank in DCM

    DZ Bank has overhauled its debt capital markets operation and plans to use its sustainable finance credentials to push for more international business, especially in SSAs and covered bonds.

    • 11 Jan 2018
  • Crédit Ag and Caffil hit eights covered sweet spot

    Crédit Agricole SFH and Caffil issued eight year covered bonds this week and managed to attract strong demand from bank investors buying for their liquidity portfolios.

    • 11 Jan 2018
  • Ten year covered trio get traction but concerns remain

    A trio of 10 year covered bond deals issued this week showed that interest in this tenor is less uncertain than initially feared. But, in a rising yield environment, investors are likely to become more defensive and this demand risks being short-lived.

    • 11 Jan 2018
  • Westpac sucks on stellar sterling demand

    Westpac attracted substantial demand for its five year sterling floating rate deal on Thursday, with considerable investor liquidity ensuring a particularly attractive cost of funding.

    • 11 Jan 2018
  • NordLB takes size and duration — with ECB’s helping hand

    NordLB issued its largest Pfandbrief since 2011 on Thursday, but the oversubscription ratio was on the low side — despite a relatively attractive new issue concession and a large order from the European Central Bank.

    • 11 Jan 2018
  • NordLB lines up with ‘interesting’ 10 year Pfandbrief

    NordLB has mandated joint leads for a 10 year Pfandbrief which some bankers believe will prove an ‘interesting’ trade, reflecting the view that spreads are tight to competing agency paper.

    • 10 Jan 2018
  • SG prioritises spread over size

    Société Générale issued a tightly priced 10 year French covered bond on Wednesday with the €750m deal size, ensuring a solid level of excess demand and good potential for a stable performance.

    • 10 Jan 2018
  • Westpac sets sights on sterling covereds

    Westpac has mandated leads for the third sterling five year floating rate covered bond from a bank outside the UK to be issued this year.

    • 10 Jan 2018
  • Investors debate Monte tier two as NPL securitization progresses

    Financial institutions bond investors were assessing this week whether or not they should invest in Banca Monte dei Paschi di Siena’s first deal since its recapitalisation by the state last summer.

    • 10 Jan 2018
  • UOB priced in line with Westpac

    United Overseas Bank in Singapore was able to price a seven year euro covered bond in line with Westpac on Tuesday. Although UOB was unable to match the pricing of DBS Bank, it achieved 'remarkable traction' with second and third tier investors across Europe.

    • 09 Jan 2018
  • Caffil secures solid result with careful choices

    Caffil managed to attract a strong order book for its eight and 15 year covered bonds issued on Tuesday, largely because it paid careful attention to size, starting spread and tenor.

    • 09 Jan 2018
  • Erste shows 10s in demand — for the right name

    Erste Group attracted solid demand for its 10 year covered bond on Tuesday and, by pricing the transaction with a relatively slim new issue premium, it helped assuage concerns about the appropriateness of this tenor that followed deals issued last week.

    • 09 Jan 2018
  • Cafill, Erste and UOB mandate leads for covered bonds

    The pace of covered bond supply is expected to remain fast on Tuesday, with as many as three issuers mandating lead managers for benchmark deals.

    • 08 Jan 2018
  • Crédit Agricole hits eight year covered bond sweet spot

    Crédit Agricole SFH took advantage of curve steepness to issue a €1.25bn eight year which, unlike recent 10 year deals, managed to attract strong demand from bank investors buying for their liquidity portfolios.

    • 08 Jan 2018
  • UBI finds only just enough covered bond demand

    Unione di Banche Italiane (UBI Banca) wasted little time in following Crédit Agricole Cariparma with the second Italian Obbligazioni Bancarie Garantite of the year. The relatively small sized €500m tranches were just oversubscribed, reflecting the fact they were priced deeply through multiyear treasury bonds (BTPs).

    • 08 Jan 2018
  • Covered bonds weaken on heavy selling flows

    The covered bond market looked weak on Friday with dealers reporting heavy selling flows as clients switched into new, cheaper bonds and reduced exposure in new issues where they had been over-allocated.

    • 05 Jan 2018
  • CFF deal sparks fears of covered bond bull run petering out

    A thinly oversubscribed €1bn 10 year covered bond issued this week by Compagnie de Financement Foncier could mark the beginning of the end of the bull run in covered bonds. Bill Thornhill reports.

    • 04 Jan 2018
  • Barclays leads flurry of sterling covered supply

    The sterling covered bond market enjoyed a strong start to the year, with four issuers raising a collective £3.7bn. Barclays priced the first deal of the year, which also happened to be one of the longest and largest.

    • 04 Jan 2018
  • Cariparma breaks record completing 2018 funding

    Crédit Agricole Cariparma took advantage of the exceptionally tight spread environment to issue the first 20 year Obbligazioni Bancarie Garantite (OBG) on Thursday and completed the final leg of its 2018 funding requirement at a record spread through BTPs.

    • 04 Jan 2018
  • LBBW, Westpac and Santander strike lucky sevens

    LBBW, Santander UK and Westpac all enjoyed fair demand for seven year covered bonds issued this week, suggesting good scope for further issuance in this tenor.

    • 04 Jan 2018
  • Westpac takes size in sevens

    Westpac and Santander UK returned to the euro covered bond market on Thursday. Though early book momentum was marginally stronger in the Australian deal, the oversubscription ratios for both deals was rather low. Meanwhile, Stadshypotek showed that there is still good scope for further sterling covered bond supply.

    • 04 Jan 2018
  • Three days in, Cariparma finishes 2018 funding, breaks pricing record

    Crédit Agricole Cariparma returned to the market on Thursday to complete the final leg of its 2018 funding requirement, taking advantage of the exceptionally tight spread environment while it still exists.

    • 04 Jan 2018
  • Covered issuers pound sterling, record for Lloyds

    Bank of Nova Scotia and Lloyds Bank both offered covered bonds in the floating rate note format to sterling investors on Wednesday, while Stadshypotek announced a mandate for a similar deal.

    • 03 Jan 2018
  • CFF wobbles as investors flock to ABN

    Compagnie de Finacement Foncier (CFF) was unable to attract a swell of demand for its 10 year, possibly due to the tight starting spread. In contrast, yield hungry investors flocked to ABN Amro’s mega-sized 15 year offering.

    • 03 Jan 2018
  • Caixa competes for attention in busy mart

    Caixabank brought the first covered bond deal of the year from Europe’s periphery on Wednesday but its offering appeared to struggle for attention on a busy day in the covered bond market.

    • 03 Jan 2018
  • Covered bond investors race to put cash back to work

    A plethora of covered bonds issued in the first week of 2018 met with strong investor demand reflecting the fact that buyers have considerable amounts of cash to put to work.

    • 03 Jan 2018
  • ECB’s CPT discrimination makes no sense

    The European Central Bank’s decision to exclude conditional pass through (CPT) covered bonds issued by non-investment grade issuers from its covered bond purchase programme (CBPP3) will constrain liquidity and credit where they are most needed, and is not necessarily justified by risk considerations.

    • 02 Jan 2018
  • LBBW and Barclays hit covereds as mandates pile up

    LBBW and Barclays attracted strong demand for the first euro and sterling covered bond benchmarks of 2018 while ABN, Compagnie de Finacement Foncier (CFF) and Bank of Nova Scotia mandated leads for deals that suggested there would be a typically frenetic start to the year.

    • 02 Jan 2018
  • Christians quit Commerzbank for Christmas

    Commerzbank is "working on" a replacement for two longstanding FIG syndicate bankers who left the firm just before Christmas.

    • 02 Jan 2018

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 2,220.67 8 6.41%
2 UniCredit 2,187.22 10 6.31%
3 UBS 2,159.55 11 6.23%
4 Credit Suisse 1,824.93 10 5.26%
5 Barclays 1,806.80 7 5.21%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 12,745.74 25 9.57%
2 Morgan Stanley 11,952.09 26 8.97%
3 Bank of America Merrill Lynch 9,510.22 21 7.14%
4 Barclays 9,168.66 18 6.88%
5 JPMorgan 8,863.17 26 6.65%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 12,192.75 22 13.89%
2 Morgan Stanley 10,975.91 20 12.50%
3 Bank of America Merrill Lynch 9,178.29 19 10.45%
4 JPMorgan 8,170.99 20 9.31%
5 Citi 7,477.94 20 8.52%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 2,071.95 7 9.04%
2 UBS 1,682.16 6 7.34%
3 UniCredit 1,662.07 7 7.25%
4 LBBW 1,541.66 6 6.73%
5 Deutsche Bank 1,380.66 4 6.02%

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 Credit Agricole CIB 1,031.57 1 27.24%
2 UBS 439.82 3 11.61%
3 Goldman Sachs 356.49 2 9.41%
3 Bank of America Merrill Lynch 356.49 2 9.41%
5 Lloyds Banking Group 249.35 1 6.58%