• Canadian covered issuance considered

    The outlook for Canadian covered bond supply in euros is not as grim as it seems, despite the fact that the nation’s lenders have already issued three quarters of what they supplied in euros In 2017, the cross currency basis swap is not particularly compelling and senior unsecured funding is cheap in dollars.

    • 23 Feb 2018
  • FIG executions get tougher as HSBC plans AT1 flood

    Syndicates have encountered some difficulty in placing financial institution bonds this week, but there is optimism in the face of widening spreads. This is just as well for HSBC’s plans to raise $5bn-$7bn of the most risky form of bank debt in the first half of the year.

    • 22 Feb 2018
  • De Volksbank and ANZ NZ hit the covered road

    De Volksbank has appointed joint leads for a roadshow with plans to issue a 10 year benchmark covered bond — a tenor that has tended to be a little unloved in the secondary market. ANZ New Zealand has also appointed leads for a roadshow.

    • 22 Feb 2018
  • OCBC's covered bond size ambitions thwarted

    Overseas Chinese Banking Corporation (OCBC) had adequate demand to print a €500m five year covered bond on Thursday, and though it was unable to reach the upper end of its size ambitions, it was able to issue the tightest Singaporean covered bond in euros.

    • 22 Feb 2018
  • UOB issues sterling first as OCBC lines up in euro covereds

    United Overseas Bank issued its debut covered bond in sterling on Wednesday, and the first from a Singaporean bank. Despite being its maiden deal, UOB was able to match the spread of more established sterling issuers. At the same time, Overseas Chinese Banking Corporation (OCBC) has mandated for a euro covered bond benchmark.

    • 21 Feb 2018
  • BPCE and Nordea reset covered confidence

    Nordea and BPCE helped revive covered bond market confidence on Wednesday after some lacklustre deal receptions at the start of this week, with the successes due to thoughtful consideration of tenor and pricing strategies.

    • 21 Feb 2018
  • Investors excited for HSBC’s jumbo AT1 plans

    Financial institutions bond investors are looking for an ‘attractive entry point’ when HSBC opens books on $5bn-$7bn of additional tier one issuance in the next four months, following the bank's latest results on Tuesday.

    • 21 Feb 2018
  • BPCE differentiates with first French seven year covered bond

    BPCE chose to differentiate itself from other French issuers on Tuesday by mandating joint leads for the first French seven year of 2018.

    • 20 Feb 2018
  • SpaVest covered shows taper effect is ‘trickling down’

    With one of the most thinly oversubscribed Norwegian covered bonds in years, Sparebanken Vest Boligreditt (SpaVest) was barely able to tighten pricing this week. It followed Berlin Hyp, which was unable to tighten pricing at all.

    • 20 Feb 2018
  • Covered issuers pile in but investors resist tightening for Berlin Hyp

    Berlin Hyp left some new issue premium on the table for investors on Monday, while Sparebanken Vest Boligkreditt lined up a deal for Tuesday. ANZ New Zealand was also considering covered or senior unsecured issuance.

    • 19 Feb 2018
  • Santander FIG trading co-head leaves

    Santander's co-head of FIG trading has left the bank. GlobalCapital understands.

    • 19 Feb 2018
  • Berlin Hyp to extend curve with eight year

    Berlin Hyp is expected to extend its covered bond curve and open order books for an eight year mortgage-backed Pfandbrief early next week, after mandating joint leads on Friday.

    • 16 Feb 2018
  • Deutsche finds Pfandbrief solace as cold senior winds continue to swirl

    Deutsche Bank found fleeting funding consolation with a tightly priced Pfandbrief this week but, with a considerable funding requirement left to fill, the German bank is braced for a return to senior and subordinated markets where support is likely to be more flighty. Bill Thornhill reports.

    • 15 Feb 2018
  • UOB considers debut sterling covered bond

    United Overseas Bank has mandated joint leads for a covered bond roadshow in the UK with a view to potentially issuing its sterling debut. Singapore peer DBS Bank undertook a roadshow in the UK two years ago but did not follow up with a deal.

    • 15 Feb 2018
  • Jittery covered bond buyers set more conditional orders

    Covered bond investors are setting more conditions on their orders, joining order books later, and limiting tenors they will buy, anxious to avoid buying bonds that will underperform. Despite the picky investor base, Swedbank still raised a €1bn five year at a record tight spread.

    • 15 Feb 2018
  • ECB steps up secondary covered bond purchases as investors ‘park cash’ in threes

    In the absence of primary activity, the European Central Bank maintained its strong presence in the covered bond market over the last week by stepping up secondary purchases. At the same time, investors have avoided punitive negative yields by buying three year non-Eurozone bonds.

    • 14 Feb 2018
  • Deutsche Bank eschews senior volatility with tightly priced Pfandbrief

    Deutsche Bank avoided senior unsecured and subordinated bond markets, where its paper has widened considerably, to raise €500m of seven year covered bond funding on Wednesday. The bank paid virtually no new issue premium.

    • 14 Feb 2018
  • FIG issuers return to find buyers want more NIP

    Borrowers have returned to the FIG primary market, but investors are hoping for greater new issue premiums.

    • 14 Feb 2018
  • Sør Boligkreditt reopens covereds after bout of volatility

    Sparebanken Sør Boligkreditt came to the market on Tuesday with a five year covered bond, as market participants suggested that new issue premiums could start to rise.

    • 13 Feb 2018
  • Sør Boligkreditt to open books for rare five year covered bond

    Sparebanken Sør Boligkreditt has mandated joint leads for a new euro covered bond, the second five year transaction from a investment grade European issuer this year.

    • 12 Feb 2018
  • ECBC launches EeMAP public consultation

    The European Covered Bond Council (ECBC) has launched a consultation seeking market feedback on draft guidelines for a standardised European energy efficient mortgage.

    • 12 Feb 2018
  • LBBW reshuffles research team

    LBBW has promoted Thomas Meißner to be its new head of strategy. Alexandra Schadow takes over from Meißner as head of cross-asset research.

    • 09 Feb 2018
  • ECB signals CPT covered bonds’ risk with greater repo haircuts

    The European Central Bank (ECB) has effectively doubled valuation haircuts for conditional pass through (CPT) covered bonds that are retained for repo purposes. The move, which follows the bank’s decision to not buy CPTs from non-investment grade issuers for its purchase programme, signals that the central bank sees inherent risks in the structure.

    • 09 Feb 2018
  • Absence of CBPP3 tapering could spell trouble

    Even though the ECB's net asset purchases were halved to €30bn from January, the pace of covered bond buying did not change. Though the absence of a lengthy tapering period implies a greater cliff-edge effect when net purchases inevitably fall to zero, bankers were relatively sanguine on the spread outlook.

    • 08 Feb 2018
  • Fitch warns on overcollateralization complacency in covered bonds

    Fitch has warned in a report that there is no certainty that covered bonds will retain their large overcollateralization buffers (OC) during the course of their life, in the absence of a contractual commitment.

    • 07 Feb 2018
  • Short call AT1s find favour in volatile trading week

    Investors showed their preference for additional tier one (AT1) deals with a short time until their first call dates this week, as they looked to reassess the sector’s value amid a bout of volatility.

    • 07 Feb 2018
  • Stop deceiving the market: book clarity must improve

    Demand for a deal can be accurately reflected only in the context of a specific spread. Anything other than that can mislead investors, so the ECB should demand better.

    • 06 Feb 2018
  • NordLB opens dollar covereds with three year LdG

    NordLB attracted a strong order book and paid little new issue premium for its first dollar covered bond — also the first dollar covered bond of 2018 — a defensive three year dollar Reg S Lettres de Gage publiques.

    • 06 Feb 2018
  • Dapo delights in difficult market

    Deutsche Apotheker- und Aerztebank issued a tightly priced €500m seven year mortgage Pfandbrief on Tuesday, paying a minimal new issue premium even though market conditions were awful.

    • 06 Feb 2018
  • ApoBank lines up after busy start to 2018

    Deutsche Apotheker-und Aerztebank (apoBank) has mandated joint leads for a seven year Pfandbrief. It follows one of the busiest starts to the covered bond market in years. With a more limited supply outlook spreads should stay stable for now. But with yields rising and relative value declining, core European borrowers will become ever more reliant on the Eurosystem to support their deals.

    • 05 Feb 2018
  • Helaba finds favour in sixes

    Landesbank Hessen-Thüringen Girozentrale (Helaba) and Sparkasse Pforzheim Calw issued tightly priced Pfandbriefe with quite limited demand on Thursday.

    • 01 Feb 2018
  • BPER becomes first covered issuer in ED

    BPER Banca has become the first covered bond issuer to publish and upload loan data into the European Data Warehouse (ED). The move will boost investor appeal, help rating agencies meet European Central Bank requirements and could become important for programmes with extendable maturities.

    • 01 Feb 2018

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 4,052.17 16 6.87%
2 UniCredit 3,888.71 20 6.59%
3 Credit Suisse 3,715.52 17 6.30%
4 Barclays 3,348.56 16 5.67%
5 Deutsche Bank 2,972.40 12 5.04%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 16,645.90 69 6.84%
2 Morgan Stanley 16,288.66 59 6.69%
3 JPMorgan 16,212.01 56 6.66%
4 Bank of America Merrill Lynch 15,866.43 43 6.52%
5 Citi 14,967.16 63 6.15%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 15,573.24 61 10.79%
2 Bank of America Merrill Lynch 14,541.23 37 10.08%
3 JPMorgan 14,141.75 39 9.80%
4 Morgan Stanley 13,590.57 45 9.42%
5 Citi 13,439.84 50 9.31%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 3,768.78 13 10.71%
2 UniCredit 2,555.78 10 7.26%
3 Deutsche Bank 2,505.35 8 7.12%
4 SG Corporate & Investment Banking 2,239.57 9 6.36%
5 Credit Suisse 2,135.65 6 6.07%

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 2,543.19 7 19.67%
2 Credit Agricole CIB 2,031.40 2 15.71%
3 SG Corporate & Investment Banking 1,447.57 4 11.19%
4 BNP Paribas 1,314.77 3 10.17%
5 JPMorgan 657.14 4 5.08%