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Latest Covered Bonds news

  • Econ committee sets out three tiers of covered bonds

    The European Parliament’s economic and monetary affairs committee (Econ) has voted on an own-initiative report on covered bond harmonisation and outlined a three tier approach to the asset class. The committee proposing distinguishing between premium covered bonds (PCBs), ordinary covered bonds (OCBs) and European Secured Notes (ESNs). The new categorisations are supposed to prevent regulatory cliff effects.

    • 23 Jun 2017
  • Pfandbrief consolidation continues

    Amalgamation of the German covered bond sector looks set to endure as Berlin Hypothekenbank (Berlin Hyp) will potentially subsume Deutsche Hypothkenbank, a subsidiary of NordLB which it is considering selling. In a separate development, the cover pools of Westdeutsche ImmobilienBank (WestImmo) will be fused with those of Aareal Bank.

    • 23 Jun 2017
  • Investors cut orders as covered inflection point feared

    Covered bond investors have begun to push back on aggressively priced deals, and with spreads close to the tightest in a decade there is a growing belief that they will widen.

    • 22 Jun 2017
  • Nationwide reels in spread and investors for 15 year covered

    Nationwide Building Society issued a larger than expected €1bn 15 year covered bond at an optically cheap spread this week, through close to one interpretation of fair value. The huge book supported a 10bp tightening through the process, even though some investors withdrew their orders.

    • 22 Jun 2017
  • BNZ secures solid covered outcome despite concerns

    Bank of New Zealand (BNZ) issued an oversubscribed €750m seven year covered bond this week, meeting its size and spread ambitions despite concerns about the outlook for spreads.

    • 22 Jun 2017
  • Finnish minnow enjoys resilient demand

    The Mortgage Society of Finland's deal on Tuesday was not among them however, coming as it did with a a wider spread than usual.

    • 21 Jun 2017
  • Investors positive on Kommunalkredit following S&P rating

    Kommunalkredit, which recently had its public sector covered bonds rated A with S&P, has received positive investor feedback whilst marketing its social covered bond this week.

    • 21 Jun 2017
  • Demand for Aegon's covereds tops HVB's

    Aegon Bank returned to the market on Tuesday to issue its first and probably only covered bond deal of the year. Despite the more challenging conditional pass through 10 year maturity, the transaction attracted a much deeper well of demand than a competing six year bullet maturity offered by UniCredit’s German subsidiary, HVB.

    • 20 Jun 2017
  • Covered bond award categories considered

    GlobalCapital invites readers to submit suggestions for this year’s annual covered bond award categories which will be voted on by the market from mid-July. Feedback included.

    • 16 Jun 2017
  • Sparbol finds covered demand, despite competition

    Sparebank 1 Boligkreditt found solid demand for its €1bn seven year on Monday, even though the transaction vied for investors’ attention with another deal in the same maturity.

    • 19 Jun 2017
  • ‘No upside in waiting’ for covered funding

    Crédit Agricole SFH seized an opportunity to issue its fifth covered bond benchmark of the year on Monday and, by pricing flat to its curve, it showed there was little reason to wait for better execution conditions this year.

    • 19 Jun 2017
  • Covered bond final flurry expected ahead of summer slowdown

    Bankers expect two or three deals to emerge next week to take advantage of a strong market with no major events due that could cause disruption. It is the perfect window for those with a need to push on with their funding requirements before the onset of summer when execution can become trickier.

    • 16 Jun 2017
  • Kommunalkredit plans first public sector social covered

    Recently de-merged Kommunalkredit Austria (KA) has mandated leads to roadshow the first social covered bond ever to be issued from a public sector programme, and the first green bond from Austria. Rated Baa2, it is also set to be one of the weakest credits in the covered bond universe.

    • 15 Jun 2017
  • TD Securities brings in euro trader for SSAs and covered bonds

    TD Securities has hired a trader to cover the euro SSA and covered bond markets, adding euro capacity to a bank that has focused mainly on dollars and other currencies so far.

    • 14 Jun 2017
  • Deutsche Hypo scrapes over Pfandbrief finishing line

    Deutsche Hypo managed to attract only a just subscribed order book for its €500m eight year covered bond this week, despite paying an attractive new issue premium. Bankers on the deal dismissed concern that uncertainty over the issuer’s future ownership had worried investors and blamed market conditions instead.

    • 14 Jun 2017

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  • BPE Cédulas performance shows covered bond faith

    Banco Popular Espanol’s covered bonds barely reacted to credit stress afflicting bonds further down its capital structure ahead of the Spanish lender’s resolution on Tuesday evening. This may have illustrated the effectiveness of the Covered Bond Purchase Programme (CBPP3) but also showed confidence in the asset class, the regulator and the Spanish banking system.

    • 06 Jun 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
  • 20 Jun 2017
1 HSBC 18,859.47 96 5.78%
2 UBS 17,096.63 103 5.24%
3 BNP Paribas 16,125.84 71 4.94%
4 Commerzbank Group 15,763.40 95 4.83%
5 LBBW 15,321.72 85 4.69%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Jun 2017
1 Morgan Stanley 58,230.82 220 7.33%
2 Goldman Sachs 55,991.98 263 7.05%
3 Bank of America Merrill Lynch 50,362.34 188 6.34%
4 JPMorgan 49,807.13 231 6.27%
5 Citi 48,627.79 289 6.12%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Jun 2017
1 Citi 41,583.09 217 10.04%
2 Goldman Sachs 40,848.76 205 9.86%
3 Morgan Stanley 40,750.32 150 9.84%
4 JPMorgan 39,863.64 165 9.62%
5 Bank of America Merrill Lynch 36,689.19 149 8.86%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Jun 2017
1 LBBW 4,563.62 16 7.62%
2 SG Corporate & Investment Banking 4,463.41 18 7.46%
3 BNP Paribas 4,287.01 13 7.16%
4 Credit Agricole CIB 3,637.13 14 6.08%
5 Commerzbank Group 3,356.64 13 5.61%

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
  • 13 Jun 2017
1 HSBC 6,023.46 22 12.66%
2 Barclays 5,139.18 16 10.80%
3 Credit Suisse 3,558.82 15 7.48%
4 BNP Paribas 3,205.75 15 6.74%
5 Goldman Sachs 2,888.75 19 6.07%