Covered Bonds

Covered bond funders will have to weave their way through tight senior unsecured and wide SSA spreads in 2026 if they are to refinance the wave of redemptions that awaits them. One big question for the year ahead, discovers Frank Jackman, is whether issuers will be tempted to pay up for duration

The European FIG market rode through 2025 on high demand for credit, providing bank issuers, large and small, with extremely advantageous funding conditions. Although investors have also benefitted from strong secondary market performance, as Atanas Dinov reports, that equilibrium may change in 2026, with anticipation mounting that spreads will widen

Aroundtown and Toyota tap private markets as public supply winds down

Implementation could push covered spreads closer to govvies and SSAs

Funding head Ruud Jaegers on pioneering green bonds, pricing dynamics of EuGBs and heavier focus on senior preferred issuance

Bank's head of DCM and syndicate chief talk bond market expansion plans

Clearstream and the VDP are working together to get system working by end of 2026

German bank's report says French covereds will likely remain competitive

Steepening swap curve has revived interest in long-dated covereds

None of the four largest covered issuers of 2024 made the top five by deal volume in 2025

Natixis has grown its covered bond business in Australia and the Nordics this year, its head of FIG DCM said

December is a strange time to be in the capital markets. Embrace it