Banks

◆ Spread fixed at start of execution ◆ RBC has issued four covered tranches this month ◆ Issuer’s last before this month was in January 2025

Changes to ECB collateral eligibility requirement could lead to more blockchain-based covered bonds, Moody's suggests

A series of foreign bank issuers move in force to raise dollars, pushing weekly issuance tally close to March 2025

All three 2026 dollar covered bonds issued in past fortnight as issuers adapt to market conditions

Swiss franc covered bond from Kiwibank the only deal on Thursday after a patchy week

Sovereign keeps funding guidance unchanged for 2026 but warns against 'adverse effects on growth'

◆ Deal brings 'confidence' to euro FIG market as it pulls in large, attrition-free demand ◆ Regular holdco tranche and 'super rare beast' opco provide diverse entry points ◆ Japanese bank's largest euro deal follows $5bn Yankee record in January

Director in the team leaving

Long-serving MD resigns

◆ Issuer tightens spread by 4bp ◆ Stronger opening on Wednesday paved way for covered ◆ Deal offered some new issue premium

◆ Bond the first EuGB covered ◆ Danish issuer tightens spread by 5bp ◆ Issue offers next to no concession

Sugrue specialised in covering the insurance and reinsurance sectors