BondMarker

GlobalCapital’s Covered BondMarker shows that the five highest scoring covered bonds this year were all issued by French banks. And, based on the Covered BondMarker League Table, ING has, on average, joint lead managed more high ranking deals than any other bank in the past 12 months.

Erste Group issued the best covered bond in January according to GlobalCapital’s newly updated BondMarker — which is now derived from facts, as opposed to survey-based opinion.

GlobalCapital looks back over 2019 to assess the best euro covered bonds and banks, as rated by its Covered BondMarker. The best deals were from Lloyds, Santander and Rabobank. The best lead managers were BNP Paribas, ING and Natixis.

Lloyds Bank’s €1.5bn five year has achieved the highest score of any covered bond issued this year in BondMarker and UBS has, on average, worked on the highest quality deals this year.

Of the 13 German Pfandbriefe issued this year, a trio of deals issued by DZ Hyp, BayernLB and Deutsche Pfandbriefbank are vying for the top covered bond mark.

Société Générale’s €1bn eight year and Credi-Mutuel CIC’s €1bn five year are leading the way with the highest mark of all French covered bonds issued this year on GC Bond Marker. But with the survey still open on Caffil’s recent €1bn 10 year social debut, these two issuers could well be knocked off the top spot.

Kommuninvest received a strong score from BondMarker voters for its final dollar benchmark of the year.

Nederlandse Waterschapsbank recorded a healthy average of 7.1 on BondMarker with its only dollar benchmark of the year.

A dollar benchmark from Rentenbank scored comfortably higher than a euro trade from the European Financial Stability Facility in the latest BondMarker results. That is in keeping with a few weeks where the dollar market has been far more resilient than a wobbly euro sector.

KfW’s €5bn November 2023 was the standout performer in a week of trades — from Erste Abwicklungsanstalt, Oesterreichische Kontrollbank and Swedish Export Credit Corp — that BondMarker voters rated highly.

The Province of Alberta pipped the European Investment Bank to the top score of the week in BondMarker, with both issuers printing five year dollar globals.

The European Stability Mechanism’s second ever dollar benchmark scored an overall average of 6.83 on BondMarker, amid a general trend of lower scores from public sector borrowers.