Covered Bonds
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Increased residential lending demand could help support issuance -
Issuance window is open and conditions are great but issuers stand pat
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After a poor start to 2025, a strong second quarter helped lagging covered supply get back on track
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Internal hire ends seven year stint in covered bond research
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◆ First deal since Crelan/AXA Bank Belgium merger ◆ No premium paid ◆ Capped size allows for focus on price
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The industry’s obsession with appointing co-heads plays into its reputation for competition rather than cooperation
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Deal expected to be among the last before summer slowdown with volatility tipped to threaten primary market
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Swiss bank is only the second institution globally to use the instrument
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◆ Issuer may be among final few before hiatus ◆ 'A strong outcome' for issuer ◆ Covered bond issuance has been making up lost ground
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◆ Long deal 3.4 times covered ◆ No concerns about pricing in busy market ◆ Pricing through OATs no problem
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◆ Market's 'green light' buoys long end deal ◆ Sizeable books sticks together during pricing ◆ Attractive pick up offered to sub-sovereigns
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◆ Singaporean lender achieves both price and size ◆ Slim concession offered ◆ Short tenor stands out
