• 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
  • Covered bond spreads ‘tread water’ as coverage falls

    BPCE and Achmea Hypo managed good price and size outcomes for their covered bonds issued on Wednesday, but the fact they were less well subscribed than recent deals added to the impression that the recent good run has stalled, with spreads now ‘treading water,’ a lead manager conceded.

    • 13 Feb 2019
  • Caffil gets superb reception for first social

    Caisse Française de Financement Local (Caffil) attracted orders worth €2.6bn from 110 investors for its debut €1bn social covered bond on Tuesday — the first from a French issuer. The deal, which was subscribed in half an hour, was priced flat to Caffil’s curve.

    • 12 Feb 2019
  • Covered bond mandates pile up as new issuers dawn

    Volksbank Wien has mandated leads for a roadshow to market its debut covered bond and BPCE has mandated leads for the second French covered bond of the week. Meanwhile, Moody’s has assigned ratings to the covered bonds of Caja Rural de Granada, which has yet to issue its first deal.

    • 12 Feb 2019
  • ING and CBA covered bonds are ‘virtuous’

    ING Bank and Commonwealth Bank of Australia sold 10 year strong covered bond deals on Monday, creating a "virtuous circle" that should encourage more issuers to enter the market, according to one lead manager. But another cautioned that demand for long dated bonds was "frothy".

    • 11 Feb 2019
  • TSB scores Sonia success second time round

    TSB successfully issued its inaugural Sonia linked deal which, in contrast to the bank’s previous attempt that was blighted by political uncertainty, it attracted a comfortably oversubscribed order book. The successful outcome suggests the bank can now look ahead to a more normal year according to TSB treasurer, Alison Straszewski.

    • 08 Feb 2019
  • OP prices flat to DZ in covered bonds

    OP Mortgage Bank has issued the first Finnish covered bond of the year and did so at the same spread and in larger size than DZ Hyp managed little more than two weeks ago. With 10 year Bund yields heading towards zero, yield starved investors are chasing the market even tighter.

    • 08 Feb 2019
  • Pfandbriefbank demonstrates strength of Swiss model

    Robert Horat, managing director of the Zurich-based Pfandbriefbank schweizerischer Hypothekarinstitute, says he is mystified as to why the pooling model underpinning Swiss Pfandbriefe has not been used as a blueprint for covered bond markets elsewhere in Europe.

    • 07 Feb 2019
  • ECB's TLTRO generosity will prove misplaced

    The European Central Bank (ECB) is well aware of the fact that €400bn borrowed under TLTRO II will no longer be counted as stable funding from June, so a new financing package is certain to be announced in the next month or two. But issuers waiting for a handout are going to be disappointed by what follows and will be obliged to tap capital markets, just as conditions deteriorate.

    • 07 Feb 2019
  • Sparebank 1 SMN sets green framework

    Sparebank 1 SMN is ready to become the first Norwegian issuer of senior unsecured debt that complies with the green bond principles. Other banks, after issuing green unsecured deals are expected to issue green covered bonds.

    • 07 Feb 2019
  • Sparebanken Vest issues largest covered

    Sparebanken Vest Boligkreditt opened books on the first covered bond of the week on Wednesday and managed to issue its largest ever deal with no new issue concession.

    • 06 Feb 2019
  • Tight covered bond concessions are unsustainable

    Covered bond new issue concessions and spreads have tightened considerably since the start of the year, but it is unsustainable, according to one major investor.

    • 06 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 January's euro benchmarks, including 14 deals that were issued last week and have just been added to the survey.

    • 06 Feb 2019
  • Covered bond supply hopes dim as market conditions improve

    A sustained improvement in market conditions suggests issuers now have access to a broad mix of funding instruments and, in the wake of January’s extraordinarily heavy covered bond supply, issuance is likely to moderate.

    • 05 Feb 2019
  • Scope for further covered bond tightening questioned

    SEB issued a seven year covered bond last week 9bp tighter than where DNB Boligkreditt was able to print at the start of this year, showing just how far spreads have rallied. Even though the market is still well supported, investors could soon become reluctant to chase the market even tighter.

    • 04 Feb 2019
  • Santander UK issues solid Sonia five year

    Santander UK paid a modest new issue premium for its second Sonia-linked covered bond and the second five year Sonia linked of 2019.

    • 01 Feb 2019

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 5,126.88 21 7.34%
2 Barclays 4,041.33 20 5.78%
3 UniCredit 3,808.25 29 5.45%
4 LBBW 3,782.72 20 5.41%
5 Natixis 3,503.93 14 5.01%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 13,992.70 56 7.77%
2 JPMorgan 11,907.76 49 6.61%
3 Morgan Stanley 11,637.78 52 6.46%
4 Goldman Sachs 10,376.12 72 5.76%
5 BNP Paribas 9,986.77 27 5.54%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,039.30 41 11.76%
2 Citi 9,986.01 43 10.64%
3 Morgan Stanley 9,906.77 40 10.55%
4 Goldman Sachs 9,518.02 65 10.14%
5 Bank of America Merrill Lynch 8,526.90 27 9.08%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 3,106.36 10 7.25%
2 HSBC 3,089.99 10 7.21%
3 Barclays 2,870.45 11 6.70%
4 LBBW 2,867.95 11 6.69%
5 Credit Agricole CIB 2,698.01 10 6.30%

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 27.51%
2 HSBC 984.09 6 10.62%
3 Santander 660.14 4 7.12%
4 Deutsche Bank 511.09 4 5.51%
5 Credit Agricole CIB 459.09 3 4.95%