Covered Bonds

◆ Covered bond issuers take stock as pipeline threats loom ◆ Caution creeps into FIG market ◆ What triple-A ratings for Italian ABS mean for banks, securitization and the credit rating industry

Issuance may relent next week but the pipeline for the rest of the year is uncertain, say experts

◆ Issuer tightened spread by 7bp on Tuesday ◆ First euro covered from ANZ NZ since 2023 ◆ Acting treasurer said €750m was the target

◆ BMO's floater came after Crédit Agricole’s last week ◆ Banker said floaters are becoming more popular ◆ Canadian bank's sixth covered this year

◆ UOB cited last week's DBS covered as a comparable ◆ Singaporean bank issued a sterling covered last week ◆ Issuers using different currencies back-to-back is not unusual

◆ German issuer showed little order book attrition ◆ UniCredit shared primary market with four others ◆ Market set to slow after a fast start

◆ Third German covered in two days ◆ Issuer's second covered of 2026 ◆ Small new issue premium offered, says banker

◆ German bank paid small new issue premium ◆ €1bn size was main objective ◆ Low or no new issue concession in line with contemporary deals

◆ Intesa Sanpaolo's Slovakian arm is a frequent issuer ◆ Banker said 33bp could be through FV ◆ CEE covereds offer the widest spread, ABN wrote

◆ Highest over-subscription rate of Monday's covered deals ◆ Fourth tranche from a Swedish issuer this year ◆ No grow format helped tighten spread

◆ Korean lender capped trade to focus on spread ◆ Shared market with four other deals ◆ Asian firms have been busy since market reopened

◆ Issuer tightened spread by 5bp ◆ One of five euro benchmark covereds issued on same day ◆ BayernLB landed tighter covered in June