Covered Bonds
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The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it -
Bpifrance landed the world's first European Secured Note this week, which could pave the way for regulatory recognition of the product
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◆ Canadian bank had primary market to itself ◆ Deal offered small new issue premium, says banker ◆ EBC meeting expected to close the pipeline tomorrow
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◆ German issuer's covered was 3bp inside previous tightest ◆ Banker said tightest covered for 2.5 years ◆ Third German covered bond this month
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◆ Issuer's first sterling covered since September ◆ Positive sign for 'diversification' said a banker ◆ One of five tranches of covereds on Tuesday
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◆ Italian issuer's first covered since June 2023 ◆ Demand for seven year tranche was pleasing, says one banker ◆ Scarcity helped demand for euro transaction
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◆ Belgian bank fixed the deal size at €750m ◆ Issuer's first covered since January 2025 ◆ Third Belgian covered in just over a week
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◆ Order book peaked at close to €2bn ◆ Issuer announced plan to launch ESN in May ◆ Analysts predict mixed fortunes for instrument in the immediate future
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Benchmark issuance is running 13% ahead of last year
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UniCredit and Korea Housing Finance Corporation have started the week of issuance with deal announcements
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◆ 5bp of tightening is the ‘standard’, said banker ◆ NatWest’s covered slightly wider than tightest sterling this year ◆ Fifth covered on a Friday this year
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The bank has been added to DNB's list of registered covered bond issuers
