Covered Bonds
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◆ Issuer's first sterling covered in two years ◆ Aussie deal was Monday's only benchmark covered ◆ Banker questions if current market is right for issuers -
The covered bond market gathered in Seville to celebrate the deals, institutions and individuals that have made their mark over the past year
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Corporates and banks add scale to recent FRN run in euros and dollars
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Panel of experts in Seville praised the directive, but would welcome 'a bit of regulatory stability'
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◆ Lead says shorter tranche demand lower than expected ◆ NIP paid at 'upper end' compared to recent deals ◆ Market slows for this year's Covered Bond Congress
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Spuerkeess, Fairstone Bank of Canada and Evangelische Bank issued mandates for debut bonds
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◆ Spreads tightened on both tranches ◆ Four Spanish covered bond issuers this year ◆ New issue concessions paid on both tranches, says banker
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Analysts see covered bond issuance slowing to a more sedate pace from October through to the end of 2026
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Volvo, Nykredit and Achmea Bank bring chunky euro FRNs, while Hong Kong dollar issuance continues apace
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◆ Only sub-benchmark covered deal in the market on Tuesday ◆ Issuer paid a 'healthy new issue concession', says banker ◆ Pfandbriefzentrale planning new Swiss franc note
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◆ Tuesday's only benchmark covered deal ◆ ASN's second covered in six months ◆ Short-end of the curve is an 'investor sweet spot', says bank
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◆ Korean covered was one of two new issues on Monday ◆ Third Korean covered bonds in three weeks ◆ Leads chose only two deals as comparables
