Covered Bonds
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◆ Leads picked three Achmea bonds as comps ◆ Dutch bank’s was one of two covereds on Monday ◆ Achmea’s was fourth Dutch covered this month -
Four banks brought dual tranche covered bonds in two days this week, to avoid being squeezed in congested market
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This year's cumulative total issuance by financial institutions outstrips 2025's levels
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◆ Issuer chose larger order size ◆ Strong supply of five year covereds cited ◆ Seventh German covered in three weeks
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◆ Banker said bonds offered no new issue concession ◆ Shinhan’s was one of six covered bonds on Monday ◆ Deal was fifth Korean covered this year
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Bankers predict steady flow of covered bonds issuance over coming weeks despite recent spike in activity
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◆ Spread tightened by 8bp from IPTs ◆ Banker said order book quality stayed high despite losing some investors ◆ Second Czech covered in two days
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◆ Issuer happy with tight spread ◆ Short-dated tenor helped, according to a banker ◆ Treasurer said HCOM may issue one mortgage covered next year
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◆ Spread fixed at start of execution ◆ Canadian bank's second dollar covered within six months ◆ Strong supply in dollar covereds this week
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◆ Issuer paid small new issue concession, says banker ◆ Eika's first covered since May 2025 ◆ Nordic issuers may be 'done for now'
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◆ Czech bank's first issue since May ◆ Mandate announcement yielded 'decent feedback' ◆ CEE issuers active in covereds this year
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Only third Portuguese covered this year ◆ Fair value at '13bp-14bp' says banker ◆ Investors responded well to three year tenor
