• Pfandbrief amendment to ensure UK asset eligibility post-Brexit

    A proposed change to the Pfandbrief Act will allow German covered bond issuers to keep UK assets in their cover pools, without falling foul of Pfandbrief eligibility criteria.

    • 18 Oct 2018
  • Court ruling hits Santander's Cédulas

    Santander did well to attract an oversubscribed order book for its €1bn 10 year Cédulas on Thursday — even as Spanish bank debt and equity was sold off after the country's supreme court ruled that banks are liable for mortgage documentation taxes.

    • 18 Oct 2018
  • Positive spread boosts HSH’s Pfandbrief

    HSH Nordbank attracted a much higher oversubscription ratio for its positive yielding Pfandbrief than Belfius Bank did for its negative yielding Pandbrievan. The two covered bonds, which were both priced on Wednesday, showed that investors’ lust for yield remains undiminished.

    • 17 Oct 2018
  • TD finds stronger dollar covered bond demand

    Toronto Dominion (TD) attracted stronger demand on Tuesday than Royal Bank of Canada’s three year dollar benchmark did the day before, and accordingly was able to issue in a larger size.

    • 17 Oct 2018
  • Pfandbrief duo line up

    Münchener Hypothekenbank has mandated leads to roadshow its first green Pfandbrief while HSH Nordbank has mandated leads for a 3.5 year deal in the format.

    • 16 Oct 2018
  • BNS issues largest non-European covered

    Bank of Nova Scotia took full advantage of a respite in hitherto volatile market conditions and an expected secondary market spread widening to issue the largest euro covered bond from a non-European issuer this year on Tuesday — and paid a slim new issue premium to boot.

    • 16 Oct 2018
  • RBC and TD double dollar covered bond supply

    In less than 24 hours Royal Bank of Canada and Toronto Dominion have almost doubled the volume of Canadian dollar covered bonds issued this year. And with the cost of funding being cheaper than euro covered bonds and half senior unsecured, others may be tempted to follow.

    • 16 Oct 2018
  • Portuguese covered bonds steady following upgrade

    Portuguese covered bonds have held steady after Moody’s upgraded the sovereign rating to investment grade rating. Given the market’s poor liquidity, new issuance is likely to play a more pivotal role in determining the spread outlook than the sovereign's credit rating.

    • 15 Oct 2018
  • Berlin Hyp enjoys strong demand for third green Pfandbrief

    Berlin Hyp’s (BHH) third green Pfandbrief attracted a solid oversubscription ratio on Friday, and though the deal offered a hefty concession to its own curve, the pricing was tight compared with other recent deals.

    • 12 Oct 2018
  • SMBC unleashes $1.6tr mortgage market with first ever Japan covered bond

    Sumitomo Mitsui Banking Corporation (SMBC) has mandated leads to roadshow the first ever Japanese covered bond. The RMBS-backed deal is expected to appeal to a broad universe of traditional investors and will set the tone for Japanese megabanks and other borrowers in what could be a rich supply vein for covered bond investors.

    • 11 Oct 2018
  • SR Boligkreditt issues largest euro covered bond

    SR Boligkreditt issued a €750m seven year with a slim new issue concession showing that the primary covered bond market is still receptive, despite the rates market volatility seen earlier in the week.

    • 10 Oct 2018
  • Covered bond funding expected to ramp up in 2019

    Covered bond issuance is set to grow next year as lenders refinance central bank liquidity, say analysts. A survey by the European Banking Authority also indicates covered bond funding will "remain dynamic".

    • 10 Oct 2018
  • NSFR targets will drive big surge in senior supply, says JP Morgan

    New liquidity requirements will cause a boom in senior bond issuance in the same way that the introduction of capital requirements led to a surge in the supply of subordinated debt, according to analysts at JP Morgan. The analysts said that investors have been underestimating how quickly this trend will impact the euro market.

    • 10 Oct 2018
  • Traders constructive on core covereds

    Core European covered bond spreads and non-eurozone deals look well placed to weather volatility over the next few weeks and potentially through to year end depending on supply, market makers believe. Even in the eurozone periphery, the situation is considered orderly.

    • 09 Oct 2018
  • EBRD buys first triple-A Slovak covered

    Slovakia’s Slovenská sporiteľňa (SLSP) has issued the first Aaa rated Slovakian covered bond paving the way for the country's first publicly syndicated euro benchmark. UniCredit has also privately placed a €500m Slovak covered bond.

    • 09 Oct 2018
  • UniCredit bond syndicate veteran retires

    A senior fixed income syndicate banker at UniCredit has retired, GlobalCapital understands. Bankers at rival firms hailed him as “a true original and a character”.

    • 08 Oct 2018
  • Spread widening feared as BTPs plummet to new low

    Korea Housing and Finance Corporation (KHFC) and Berlin Hyp (BHH) are lining up new covered bond deals, but the sell-off in Italian sovereign debt risks weighing on the market.

    • 08 Oct 2018
  • Cédulas repricing seen, but difficult to profit from

    The Spanish covered bond market faces a day of reckoning now that the European Central Bank will be buying a lot less of it leading Barclays analysts to recommend investors look elsewhere. However, others say Cédulas supply is likely to remain limited through the course of next year, and given the market’s "terrible liquidity", executing any trade ideas in the secondary is likely to prove a non-starter.

    • 04 Oct 2018
  • EBF backs EC’s covered bonds proposals

    The European Banking Federation has come out in support of the European Commission’s proposed covered bond directive though it has a some reservations, similar in nature to those already voiced by the European Covered Bond Council.

    • 03 Oct 2018
  • Investors see value in core covereds

    Core European covered bonds with intermediate to long tenors offer great value against sovereign and agency bonds, says one big beast covered bond investor. But with the European Central Bank buying 20% less in primary deals, a modest spread widening is needed to revitalise sentiment.

    • 03 Oct 2018
  • BHH mandates leads for green Pfandbrief

    Berlin Hyp AG (BHH) has mandated joint leads for a roadshow to update investors on its green Pfandbrief programme, after which it plans to issue a €500m deal.

    • 02 Oct 2018
  • ING issues biggest Pfandbrief in tough mart

    ING’s German subsidiary has issued its largest ever Pfandbrief, one of the biggest from a German borrower this year, which, in the context of a volatile market backdrop, was deemed a great success.

    • 02 Oct 2018
  • NordLB hires expert covered bond trader

    NordLB has recently expanded its covered bond trading desk, hiring a dealer with considerable experience in the market.

    • 02 Oct 2018
  • Exploring growth in the non-euro covered bond market

    The vibrancy of the sterling covered bond market this year is beyond doubt, after 21 deals from 17 issuers. UK issuers have accounted for just over half of 2018’s supply, with the remainder made up from a dozen overseas borrowers, a large proportion of which include Canadian and German names.

    • 02 Oct 2018
  • Covered bond timing is everything

    The covered bond market has a reputation for allowing tough trades to be done, so when My Money Bank postponed its debut deal, the product was imprudently tarnished. The situation could have been avoided had the deal been launched a week earlier or sometime later — just not last week.

    • 01 Oct 2018
  • Moody’s backs EC in rejecting Econ proposals

    Amendments proposed by the European Parliament’s economic and monetary affairs committee (Econ) in response to the European Commission’s (EC) proposed covered bond directive would fragment the market, said Moody’s.

    • 01 Oct 2018
  • Parliament tussles over risk of extendable covered bonds

    The European Parliament’s shadow rapporteurs have submitted a number of new amendments to the European Commission’s proposed covered bond directive. In stark contrast to the EP's first amendments, the shadow rapporteurs consider bonds with extendable maturities "less risky".

    • 01 Oct 2018

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 11,957.19 82 5.36%
2 HSBC 11,812.99 65 5.29%
3 LBBW 10,602.04 69 4.75%
4 UBS 10,527.02 56 4.72%
5 Natixis 10,458.17 56 4.68%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 76,957.45 328 6.17%
2 Citi 76,201.10 387 6.11%
3 Bank of America Merrill Lynch 74,603.42 292 5.98%
4 Goldman Sachs 69,690.96 577 5.58%
5 Morgan Stanley 64,628.40 358 5.18%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 63,096.80 230 10.69%
2 Bank of America Merrill Lynch 62,492.06 243 10.59%
3 Citi 59,326.59 289 10.05%
4 Goldman Sachs 52,921.63 512 8.97%
5 Morgan Stanley 50,083.92 277 8.48%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 7,713.92 29 7.27%
2 UniCredit 6,041.97 24 5.69%
3 LBBW 5,910.59 25 5.57%
4 Deutsche Bank 5,667.40 19 5.34%
5 Commerzbank Group 5,647.34 22 5.32%

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 7,584.11 21 12.82%
2 Barclays 4,776.16 18 8.08%
3 Credit Suisse 4,490.78 15 7.59%
4 BNP Paribas 4,171.68 19 7.05%
5 UBS 3,877.49 18 6.56%