• LBBW prices green Reg S Pfandbrief in line with 144A deals

    LBBW attracted good demand for a $750m three year Reg S Pfandbrief on Tuesday, enabling the issue to be priced in line with where 144A deals had been indicated in the secondary market. The smaller audience that Reg S deals typically attract was largely compensated by increased demand from certain types of investor buying for their green and sustainable portfolios.

    • 03:45 PM
  • Optimal Cédulas reform is possible, but tricky

    Spain has a limited amount of time to bring its Cédulas framework into line with the EU's Covered Bond Directive. A legal update is probably going to be less disruptive than a completely new law — but neither option is perfect.

    • 01:45 PM
  • LBBW to issue first green dollar Pfandbrief as KHFC hits the road in euros

    Hot on the heels of its senior non-preferred last week, LBBW has mandated leads for a three year green Pfandbrief. The Korean Housing & Finance Corporation (KHFC) is also preparing issuance, after mandating leads for a roadshow with plans to issue a euro covered bond.

    • 20 May 2019
  • BPCE and Swedbank covered bonds draw solid demand despite ‘heavy traffic’

    BPCE and Swedbank attracted good demand for their sizeable 12 and six year covered bonds on Monday. Although the bonds were priced tightly, initial order book momentum was slow, underscoring a busy primary market and a faltering geo-political backdrop.

    • 20 May 2019
  • PKO Bank Hipoteczny SA gears up for green

    PKO Bank Hipoteczny has published its green covered bond framework which complies with the International Capital Market Association’s Green Bond Principles, the Climate Bonds Initiative’s standard for residential buildings and has a second party opinion from sustainability rating agency, Sustainalytics.

    • 17 May 2019
  • Slovenska Sporitelna to roadshow euro covered bond

    Slovenska Sporitelna is planning to market its first internationally syndicated Aaa-rated euro covered bond, which could be sold in benchmark size. The expected deal follows Slovak Vseobecna uverova banka’s (VUB) €500m five year which was one of the best performing trades this year.

    • 17 May 2019
  • Abanca takes size with juicy Cédulas spread

    Abanca Corporacion Bancaria did well to raise 10 year funding for its debut covered bond, which offered a generous spread, but even at just €750m the deal was still one of the least subscribed covered bonds of the year.

    • 16 May 2019
  • ING DiBA shows thriving covered bond bid

    The frenetic pace of buying seen in covered bonds issued earlier this month may have ebbed as rates market volatility has increased, but Thursday’s dual tranche offering from ING DiBA showed that demand is still vigorous.

    • 16 May 2019
  • ECB tightens covered bond repo requirements

    The European Central Bank (ECB) is making it more difficult for banks to enter into covered bond repurchase agreement (repo) trades with it. That, along with a recent widening in the spread between senior unsecured bonds pay over banks' secured debt, such as covered bonds, could boost the supply of the latter to public markets.

    • 15 May 2019
  • Bank of New Zealand sets sights on euros

    Bank of New Zealand (BNZ) has mandated leads for a roadshow ahead of a possible euro senior unsecured or covered bond benchmark.

    • 14 May 2019
  • Investors frantically pile into covered bonds

    Covered bonds issued on Tuesday by UniCredit Bank AG and Hypo Vorarlberg Bank (HVB) found good demand, mainly from bank investors. Despite their meagre and diminishing returns, the bonds offered a better spread compared to other regulated assets.

    • 14 May 2019
  • Alpha Bank issues first Romanian covered bond

    Alpha Bank’s subsidiary in Romania has issued its inaugural covered bond (CB) — the first from the country. The ground-breaking deal represents an important milestone in the development of the Romanian capital market and helps diversify the bank’s funding.

    • 14 May 2019
  • Opportunistic long end covereds wait for HVB's 15 year test

    UniCredit Bank AG (HVB) and Hypo Vorarlberg Bank AG are expected to open books on Tuesday for Pfandbriefe in the 15 and eight year tenors. The longer deal follows a series of other long-end trades and may be followed by more, as borrowers take advantage of remarkably strong market conditions to do their most difficult deals.

    • 13 May 2019
  • Last week's covered bonds can now be voted on

    Please take a couple of minutes to cast your confidential vote for some of the most recent euro covered bond benchmarks such as those issued by Santander UK, Sparebank 1 Boligkreditt and Erste Group.

    • 13 May 2019
  • BOQ and BNZ consider covered bond sales

    Bank of Queensland has mandated leads for a roadshow for a potential second euro conditional pass through (CPT) covered bond, and Bank of New Zealand has mandated leads for a roadshow with plans to issue a covered bond or a senior unsecured deal.

    • 10 May 2019
  • Barclays and Lloyds find Sonia success

    Barclays and Lloyds Banking Group kept the sterling covered bond market busy this week with Sonia-linked trades that drew strong demand and were priced with no new issue premium.

    • 09 May 2019
  • Learning Curve: An index — the cure for Sonia calculation headaches

    As UK loan, bond and derivative market participants work to the deadline of December 31, 2021 to stop using Libor, one of the biggest hurdles is how to calculate the new reference rate: Sonia.

    • 09 May 2019
  • Lloyds takes sterling covered funding in size

    Lloyds Bank found good demand for its third visit to the sterling covered bond market in the last eight months and the largest Sonia linked bond of that type issued this year. Attractive relative value and a prospective supply slowdown propelled demand, enabling the deal to be priced flat to fair value.

    • 09 May 2019
  • Baltic countries target single index classification

    The EBRD is working with Latvia, Estonia and Lithuania to have the Baltic region classified as a frontier market initially and is working on a pan-area covered bond framework

    • 08 May 2019
  • Barclays issues Sonia-linked first

    Barclays Bank kept the primary covered bond market alive on Wednesday, launching its first deal of the year and its first Sonia-linked transaction — though at £500m it was the bank’s smallest covered bond yet.

    • 08 May 2019
  • Abanca mandates leads for debut covered bond

    Abanca Corporación Bancaria will add its name to the growing list of debut covered bond issuers after mandating leads on Tuesday for a roadshow.

    • 07 May 2019
  • Flat NIPs for triumphant trio as investors rush for paper

    Santander UK, Sparebank 1 Boligkreditt (Spabol) and Erste Group were able to price flat or through their covered bond curves on Tuesday after stoking up hefty demand for their new issues.

    • 07 May 2019
  • Covered bond supply eyed for short week ahead

    Covered bond supply is possible next week with core issuance in the ultra-long end and UK supply in the intermediate to long-end looking promising — despite holidays in the UK and France.

    • 03 May 2019
  • Recession, what recession?

    Dismal European growth has weighed on rates, forcing buyers down the curve in search of yield and spread. A sharp turnaround feels distant, but a stabilisation has already materialised and investors that piled into long-dated bonds may come to regret it.

    • 02 May 2019
  • Pfandbriefzentrale keeps momentum despite quiet market

    In a week shortened by a public holiday, the only borrower to put its head over the parapet in the Swiss franc bond market was Pfandbriefzentrale der Schweizerischen Kantonalbank, the issuance vehicle owned by Switzerland’s 24 Cantonal banks.

    • 02 May 2019
  • UK banks bide their time for euro senior comeback

    Euro investors have become more receptive to UK bank debt this year, leading to a blowout reception for a covered bond from Yorkshire Building Society this week. But issuers are yet to break a long period of silence in sales of unsecured products, mindful as they are of a Brexit hangover in the euro market.

    • 02 May 2019
  • ‘Bullet-proof’ covered bonds are a ‘no brainer’ for UK banks

    The euro covered bond market is ‘wide open’ for any UK bank following a successful transaction this week from Yorkshire Building Society (YBS) and before that, Lloyds Bank. This supply could also provide a vital stepping stone to the first UK senior deal in euros this year, said bankers.

    • 02 May 2019
  • Santander returns with rare Cédulas

    Santander attracted strong demand for a €1.5bn 12 year covered bond issued on Tuesday, helped by the rarity of Spanish covered bond supply and the relatively attractive return over mid-swaps.

    • 01 May 2019
  • Covered bonds steady for now, but overvalued

    This year’s covered bond market's performance could come back to bite it. Limited supply should support the market, but ultra-tight spreads and low yields have left investors vulnerable to a sell-off — not least because they have been forced to extend duration in search of a return.

    • 01 May 2019

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 8,193.67 66 6.37%
2 HSBC 7,294.00 37 5.67%
3 LBBW 6,988.86 39 5.43%
4 Natixis 5,933.30 28 4.61%
5 Barclays 5,557.78 30 4.32%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 41,780.75 203 6.88%
2 Bank of America Merrill Lynch 40,512.92 158 6.67%
3 JPMorgan 36,010.73 172 5.93%
4 Morgan Stanley 26,989.09 150 4.44%
5 HSBC 25,650.79 149 4.22%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 33,656.19 131 12.14%
2 Citi 32,900.44 157 11.86%
3 JPMorgan 29,082.99 133 10.49%
4 Morgan Stanley 19,896.07 106 7.17%
5 Goldman Sachs 17,708.90 174 6.39%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 4,918.89 18 7.00%
2 LBBW 4,741.33 18 6.74%
3 Credit Agricole CIB 4,174.25 17 5.94%
4 UniCredit 4,163.16 19 5.92%
5 HSBC 3,974.99 14 5.65%

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 3,425.91 10 11.21%
2 UBS 3,334.58 12 10.91%
3 Barclays 3,229.69 10 10.57%
4 BNP Paribas 2,554.19 12 8.36%
5 HSBC 1,877.94 13 6.15%