Covered Bonds
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◆ Spread fixed at start of execution ◆ RBC has issued four covered tranches this month ◆ Issuer’s last before this month was in January 2025 -
Changes to ECB collateral eligibility requirement could lead to more blockchain-based covered bonds, Moody's suggests
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Come May, current dollar market's gain may turn into euro pipeline's pain
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All three 2026 dollar covered bonds issued in past fortnight as issuers adapt to market conditions
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Swiss franc covered bond from Kiwibank the only deal on Thursday after a similarly patchy week
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◆ Issuer tightens spread by 4bp ◆ Stronger opening on Wednesday paved way for covered ◆ Deal offered some new issue premium
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◆ Bond the first EuGB covered ◆ Danish issuer tightens spread by 5bp ◆ Issue offers next to no concession
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◆ Swiss issuer placed four tranches going out to 15yr ◆ First Pfandbrief from the issuer since January ◆ Banker said volatility is affecting demand for longer-dated bonds
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◆ Canadian issuer landed first covered since October ◆ Issuer fixed the spread at the start of execution ◆ Banker said there is decent liquidity in dollar covered bonds
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Issuers are waiting for the volatility caused by the escalation of the war in the Middle East to normalise, bankers have said
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◆ Spread fixed early at 53bp over Sofr ◆ Priced in line with ANZ’s dollar trade on Monday ◆ BMO has been a pioneer in covered issuance this year
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Issuance was packed into the first half of the week ahead of a heavy central bank policy meeting schedule
