Covered Bonds

Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads

The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits

◆ Deal lands flat to recent UK and Canadian trades ◆ Dollar prices find stable footing for issuers and investors ◆ Pricing in line with other currencies

Bank completes more than half its annual funding before first quarter blackout

◆ Largest coverage ratio for almost three months ◆ Priced flat to fair value ◆ Slow pipeline predicted for rest of week

Despite uncertainty in the Middle East peace process, market participants are seeing risk appetite from FIG investors

In an age of abundant information and opinion, where much of it is wrong, smart investment bankers can still be valuable to clients by embracing the complexity

Growing pipeline and fiercer competition had threatened to shake the darling bonds of May

Smaller, private banks likely to issue in coming weeks, experts have said

There were no new covered bonds issued on Thursday after two on Wednesday and four on Tuesday

◆ Issuer’s last covered was in May 2023 ◆ Fifth Dutch covered bond in past month ◆ Fifth €500m no-grow deal in past two days

◆ Portuguese bank has issued one covered each year since 2023 ◆ Banker on the deal said bonds offered small new issue premium ◆ Strong recent covered supply may have affected demand, another banker said