We are delighted to recognise the 14 winning institutions and issuances of The Covered Bond Report Awards for Excellence 2025, following their announcement at the Covered Bond Investor Conference in Frankfurt yesterday (Thursday).

Best Non-Eurozone Issuer: Santander UK

Pioneer: Berlin Hyp

Deal of the Year: TD

Breakthrough Deal: Danish Ship Finance

Most Impressive Issuer: Aareal

Best Non-Euro Lead Manager: BMO Capital Markets

Best Advisory: Barclays

Best Debut: Paragon

Best Euro Distribution: DZ BANK

Best Global Issuer: CIBC

Best Global House: HSBC

Best Issuance: DNB Boligkreditt

Best Euro House: LBBW

Best Euro Issuer: Caffil

Congratulations to all our winners!

Follow The Covered Bond Report on LinkedIn for photos of the winners from Frankfurt and more!

You can find out more about our awards process here.

Photo: The CBR’s Neil Day with Danish Ship Finance’s Martin Dalskov Linderstrøm and Simon Hajaj Ruby Harmat; Credit: Wonge Bergmann