Covered Bonds

Italian banks flock to the euro bond market to refinance before TLTRO deadlines

Issuer completes sterling funding at better levels than its recent euro outing

Each issuer offered much wider spread than core covered bonds and at least 10bp of premium to ensure successful execution

Deal priced in line with IPTs with no book updates

◆ A new NPL threat to Italian banks ◆ Hybrid capital gets a makeover ◆ Covered bond liquidity ◆ SSA market finds its rhythm

The covered bond market met in Munich on Thursday to celebrate its best at our gala dinner

Trio are coming from Aareal and UniCredit

Investors focus more on capital than covered bonds, writes Bill Thornhill

The withdrawal of the central bank from the covered bond market was ‘a game changer’ which has shaped 2023 into a potential second year of record issuance. But can the virtuous circle brought on by higher spreads and yields last? Atanas Dinov investigates

The pivotal contribution of covered bonds to banks’ funding plans was re-emphasised in a report by the European Banking Authority (EBA) in July

A rising population and expanding middle class give Asian covered bond market the chance to grow, writes Bill Thornhill

Non-core currency markets can offer covered bond borrowers a key source of funding diversity as banks return to wholesale issuance. With funding conditions normalising, their importance will continue to grow, writes Frank Jackman