Extendable covered bonds: more popular, but handle with care

Extendable maturity covered bonds are looked on more favourably by issuers and rating agencies than they used to be. But some think issuers should have limited power to extend maturities at their discretion.

  • By Jasper Cox
  • 13 Sep 2017

The topic has become “front, right and centre” of regulatory debate, according to Morten Bӕkmand Nielsen of Nykredit, who is chairman of the European Covered Bond Council's Technical Issues Working Group. He was speaking in a panel discussion at the 26th ECBC Plenary Meeting.

Banks have been experimenting ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 11,393.91 58 6.13%
2 UniCredit 9,217.03 72 4.96%
3 BNP Paribas 8,680.07 42 4.67%
4 Commerzbank Group 8,017.52 51 4.31%
5 LBBW 7,853.79 46 4.23%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 100,989.22 405 7.05%
2 Citi 93,180.67 526 6.50%
3 Goldman Sachs 92,875.57 480 6.48%
4 Bank of America Merrill Lynch 87,938.88 362 6.14%
5 JPMorgan 82,860.55 392 5.78%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 80,629.11 408 11.02%
2 Goldman Sachs 71,708.47 404 9.80%
3 Bank of America Merrill Lynch 71,117.18 307 9.72%
4 Morgan Stanley 70,450.90 296 9.62%
5 JPMorgan 69,434.01 303 9.49%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 5,543.24 22 6.48%
2 LBBW 5,487.17 19 6.41%
3 BNP Paribas 5,467.55 18 6.39%
4 Credit Agricole CIB 5,138.10 19 6.00%
5 Commerzbank Group 4,830.70 19 5.64%

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 13.12%
2 HSBC 8,882.01 36 12.32%
3 BNP Paribas 5,367.46 26 7.44%
4 Citi 4,542.03 36 6.30%
5 Credit Suisse 4,325.15 22 6.00%