French banks issue the highest ranking euro covered bonds of 2020

BondMarker automatically assigns a score from zero to 10 based on a deal’s size, its oversubscription ratio, the number of investors that were allocated bonds and the transaction’s performance one week after its launch. The system is only applicable to the euro covered bond market.

Alongside market feedback, this data will feed into the shortlists for the Covered Bond Awards 2020 survey, which is due to open later this week.

Based on all the euro covered bonds issued this year, the three highest ranking deals, each with a score of 9.76, were Crédit Agricole’s €2bn December 2024, Caisse de Refinancement de l'Habitat’s €1.25bn April 2027 and BPCE’s €1.25bn May 2030.

In joint fourth place was Caffil’s €1bn May 2025 Covid-19 covered bond and in fifth place was Arkea Home Loans SFH’s €1bn 10 year issued at the end of May.

After KBC’s €1bn five year, Credit Mutuel Home Loan’s €1.75bn five year and Compagnie de Financement Foncier’s €1bn April 2024 issued the seventh highest ranking covered bonds of 2020.  

On a related note, funding officials from Caffil, Credit Mutuel Arkéa and La Banque Postale gathered in early July to take part in a roundtable to discuss how they navigated their way through the peak of the crisis (see here for more).

Based on nominations for The Covered Bond Awards 2020 shortlists, other notable euro deals included: 

• Credit Agricole Italia’s two part €500m January 2028 and €750m January 2045, 

• Santander’s two part €1.25bn February 2025 and €1.25bn February 2032

• ABN Amro’s €2bn January 2035, 

• BPCE’s two part €1.25bn March 2028 and €1bn January 2035

• Caffil’s €750m February 2040

• CRH’s two part €1.25bn February 2028 and €750m February 2035.

The Covered BondMarker League Table ranks lead managers based on the average BondMarker score for all euro deals. 

For banks that have jointly led 20 or more deals in the past 12 months, the highest ranking bank with an average score of 7.93 over 28 deals is ING. 

In second place with an average score of 7.85 over 39 deals is Natixis and in third place with an average score of 7.8 over 26 deals is BNP Paribas.