covred bonds news on GlobalCapital

Latest Covered Bonds news

  • CPTs and green covered bonds to grow, as ESN’s take shape

    Issuance of green covered bonds and conditional pass through (CPT) deals is likely to improve next year, and European Secured Notes are expected to receive regulatory support, Moody’s has said in a report on the outlook for covered bonds in 2018.

    • 12 Dec 2017
  • Basel gives covered bonds a global boost

    The Basel Committee on Banking Supervision’s (BCBS) has formally recognised covered bonds for the first time. With the introduction of a global preferential risk weight, supply and demand should be boosted, along with the market’s global expansion to new jurisdictions.

    • 11 Dec 2017
  • Alpha goes soft after ECB’s CPT discrimination

    Alpha Bank has structured a newly rated covered bond programme in soft bullet format. The move is in contrast to its Greek peers, which have all recently issued from conditional pass through (CPT) programmes.

    • 07 Dec 2017
  • EC grants waiver for MBS used in covered bonds

    The European Commission has published a waiver allowing issuers to collateralise their cover pools with more than 10% mortgage-backed securities. Although the carve-out is theoretically permanent it could well be superseded by a covered bond framework, which is due in the first quarter 2018.

    • 06 Dec 2017
  • Rating stability favours Fitch-rated covered bonds

    More than 90% of Fitch-rated covered bond programmes have a stable outlook due to the considerable rating cushion between issuers and their covered bonds, or because they are secured on a substantial amount of excess collateral.

    • 06 Dec 2017
  • ABN registers second covered bond programme

    ABN Amro has registered a second covered bond programme as a Dutch company. Analysts at Rabobank believe the programme will be used for central bank funding purposes.

    • 05 Dec 2017
  • CBPP3 may shrink in December

    The covered bond purchase programme (CBPP3) could well contract in December, but the European Central Bank will easily have scope to rebuild its portfolio in January which will support spreads. However, a rise in November's secondary market purchases shows real money investors are taking profits and leaving the asset class, boding poorly for the longer term spread outlook.

    • 05 Dec 2017
  • Cariparma issues tightest covered bond since crisis

    Crédit Agricole Cariparma issued a €750m eight year Obbligazioni Bancarie Garantite on Monday at the tightest spread to mid-swaps for an Italian deal since the sovereign credit crisis.

    • 04 Dec 2017
  • Oma scores solid success with sub-benchmark debut

    Finland’s Oma Savings Bank found strong demand for a debut covered bond on Monday which, because of its sub-benchmark size, offered a sizeable premium to any other Finnish benchmark.

    • 04 Dec 2017
  • RBC cuts covered bond cost of funding with sterling

    Royal Bank of Canada not only found good demand in a larger than average size for its five year sterling covered bond on Friday, but also executed the trade at considerable cost advantage compared with dollars and euros.

    • 04 Dec 2017
  • ECB to stop buying CPT covered bonds

    The European Central Bank will stop buying conditional pass-through (CPT) covered bonds from sub-investment grade issuers from February 2018.

    • 28 Nov 2017
  • Green capital relief makes first step on to EU legislative agenda

    Political calls for the bank capital system to favour green assets are intensifying. GlobalCapital has learnt that Peter Simon, the German MEP running the European Parliament’s work on a big package of banking legislation, is backing the idea.

    • 24 Nov 2017
  • Sbanken Boligkreditt to join covered bond ranks

    Sbanken Boligkreditt, formally known as Skandiabanken, has said that it expects to take advantage of its newly established Euro Medium Term Note (MTN) programme for long-term funding to begin issuing euro denominated covered bonds.

    • 23 Nov 2017
  • Commerzbank sees covered contraction

    In contrast to most other research teams, which are predicting unchanged or higher covered bond primary volumes next year, analysts at Commerzbank expect gross supply to decline.

    • 20 Nov 2017
  • Covered bond volumes to hit €150bn in 2018

    Global covered bond primary volume across all currencies is set to rise by €25bn from 2017 to €150bn equivalent in 2018 according to analysts at Crédit Agricole research. Issuance will be boosted by new borrowers and refinancing of liquidity borrowed under the term long term refinancing operation (TLTRO).

    • 10 Nov 2017
  • EC signals interest in lowering capital charges on green loans

    European Commission vice president, Valdis Dombrovskis, has signalled that capital charges on green mortgages and auto loans could be lowered, a move that would boost the investment appeal of green covered bonds and ABS deals secured on such collateral.

    • 12 Dec 2017

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  • EC must clear up EBA’s covered bond confusion

    The European Commission needs to take a close look at which types of covered bond are eligible for the Liquidity Coverage Ratio (LCR) which, until the European Banking Authority’s (EBS) intervention, had been pretty obvious.

    • 27 Nov 2017

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Capital markets data from GlobalCapital


Go to GlobalCapital's FIG data pages for the most up to date information on the global financial institution bond markets. Find our FIG bond comments, FIG league tables by Dealogic and FIG priced deals database.

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 11,789.48 61 3.02%
2 UniCredit 9,672.56 77 2.48%
3 BNP Paribas 9,051.42 45 2.32%
4 Commerzbank Group 8,371.43 55 2.14%
5 LBBW 8,178.05 50 2.09%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 104,923.90 439 6.82%
2 Citi 98,356.04 569 6.40%
3 Goldman Sachs 95,582.67 530 6.22%
4 Bank of America Merrill Lynch 92,828.47 401 6.04%
5 JPMorgan 88,684.81 426 5.77%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 83,984.67 439 10.79%
2 Bank of America Merrill Lynch 74,925.58 342 9.63%
3 JPMorgan 74,072.86 330 9.52%
4 Morgan Stanley 74,016.23 325 9.51%
5 Goldman Sachs 73,660.64 448 9.46%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,645.35 19 3.14%
2 Credit Agricole CIB 5,608.30 21 3.11%
3 LBBW 5,605.63 20 3.11%
4 SG Corporate & Investment Banking 5,543.24 22 3.08%
5 Commerzbank Group 4,949.16 20 2.75%

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 Barclays 9,461.63 27 12.31%
2 HSBC 9,014.48 37 11.73%
3 BNP Paribas 6,278.15 28 8.17%
4 Citi 4,542.03 36 5.91%
5 Credit Suisse 4,325.15 22 5.63%