Covered Bonds
-
◆ Issuer fixed the spread before execution ◆ Third sterling covered bond in three days ◆ Banker said issuer wanted to place before the weekend -
Underlying concerns among investors and issuers about covered bonds force them to the sidelines
-
◆ Canadian bank last issued covered paper in January ◆ Lead managers picked only one comp ◆ BNS has large covered redeeming on Monday
-
Unsecured issuance absence in euros and sterling resembles past market shock closures, but broader markets remains open
-
◆ Banker said deal offered little new issue premium ◆ Euro transaction on Tuesday triggered the deal ◆ Lloyds' last sterling covered was issued in October 2025
-
First new covered bond since the end of February ◆ Deal shows investor preference for short-dated paper – RBC ◆ Issuer benefits from minimal exposure to Middle East, says banker
-
ICBC prints multi-currency 'safe haven' deal, yet limited read-across for European markets
-
Market participants agree new issue premiums will go up when the Iran war ends, but not by how much
-
Higher rates from the outbreak of the war have enhanced callable MTNs' yield appeal
-
Bank issuance expected to resume next week in euros after corporates, dollar market lead
-
The lack of covered bonds priced this week has focused minds on the the specific requirements of investors and issuers
-
Research suggests up to €23bn of new covered bonds could still be issued in March
