Covered Bonds

Amid market volatility, shifting rate regimes and geopolitical uncertainty, institutional investors are turning to fixed income instruments that offer safety, liquidity and resilience. Covered bonds excel across all three criteria, and no investor has more expertise in the asset class than Nordea Asset Management. Distinguished by its size, skill and strategy, the firm was a standout winner in the Covered Bond Investor of the Year category. GlobalCapital spoke to Henrik Stille, the firm’s Head of Fixed Income Rates, about Nordea Asset Management’s approach to the market and why covered bonds are attracting sophisticated capital on the hunt for alternatives to sovereign and corporate debt.

Two consent solicitations would restructure programme after acquisition last year

Downgrade 'pretty much priced in' for French bank and covered paper

◆ Second Friday print in two weeks ◆ Dynamics suggest repricing is almost completed ◆ No premium paid to recent UK building society prints

Demand supported by resurgent asset manager bid

Market participants hope more jurisdictions will follow as Canadian duo attract record demand

Paper could arrive on Monday or Tuesday, ahead of flagship covered market event

◆ Deal attracts granular book for a Pfandbrief ◆ Premium paid but outcome still 'fair' ◆ Elsewhere, Finnish sub-benchmark deal proves popular

◆ UK lender builds demand across two legs ◆ Equivalence 'noise' no problem ◆ Canadian paper provides the closest, most recent comparables

◆ German issuer lands €1bn at tightest spread... ◆ ...but still pays a premium ◆ Shorter Pfandbriefe less popular with issuers this year

◆ Scotia moves quickly to tap resurgent sterling market ◆ Trade lands through CIBC and flat to fair value ◆ Confidence returns to sterling covered investor base

Banks are taking back control after Covid