Covered Bonds

◆ Big redemption wave and higher yields provide positive tailwind for new issuance ◆ DBS refinances in size ◆ Deka prints a touch inside fair value

Analysts expect the first euro covered bond after the summer lull to be printed in the next two weeks following seven weeks of no issuance

Analysts tip redemptions will help drive the primary market when it reopens during the next two weeks

French bank could make its debut in 2027 after it acquires GE SCF later this year

SSA issuance to resume in 'mid-August' says Patrick Seifert, LBBW's global head of DCM

Europe's mortgage market is facing a 'structural affordability squeeze' says Scope Ratings

◆ Europe's corporate bond market braces for US tech issuance surge ◆ Canada makes move for EU regs equivalence but to what end? ◆ Middle East private placements here to stay... but will take up less room

September redemption cash and shortage of supply support investor demand

The single currency stands out as the most attractive funding source while the US dollar market remains open in size

Higher than normal levels of redemptions and the prospect of pre-funding could make the rest of 2026 busy for the primary market

Canadian issuers and investors like the idea of cheaper access to Europe's covered bond market but their European peers are less enthused about Canada

LBBW's global head of corporates and DCM Patrick Seifert expects higher pre-funding in late 2026