Covered Bonds

Bank of Montreal’s ability to issue the largest covered bond since 2006 demonstrated the anxiety over the rates outlook that has left investors hankering for short dated, safe assets

The rates market has been broadly stable this week as players speculated about the maturity of the EU’s impending bond auction, investors locked in profits amid rising rates and as the long end of the covered bond curve weakened

The decision by Royal Bank of Canada and Aktia Bank to issue covered bonds in the intermediate part of the curve on Tuesday ensured superb receptions

An 11 year maturity may have suited Crédit Agricole but a 10 year would have probably resulted in tighter pricing

LBBW managed a good pricing outcome as covered bonds from Crédit Agricole and Aktia were announced

Despite a generous starting spread, demand for ABN Amro’s €1bn 15 year issued on Monday was anaemic, underscoring investors’ concerns that yields could head even higher

Bank of Nova Scotia’s decision to issue in sterling and euro covered bonds on Monday ensured it was able to raise sizeable funding in a broad maturity range

German lender will return to the market early next week

Pfandbrief mimicked bank's previous deal and helped set enviable track record of tightly priced issuance

Hamburg Commercial Bank drew a strong reception for its €500m five year mortgage Pfandbrief on Wednesday, pricing the bonds 1bp through fair value

BPCE’s two-part covered bond attracted excellent demand, however Crédit Agricole Italia was unable to tighten pricing in its 20 year, with political risk possibly to blame

The dollar covered bond market began 2022 with a promising start as Canadian Imperial Bank of Commerce issued its largest ever deal