Covered Bonds

Liquidity in the interdealer market for SSA bonds dried up this week, underscoring a palpable sense of risk aversion illustrated by a widening in the Bund-swap spread to levels not seen for a decade.

BPCE issued the largest French covered bond since April 2020, attracting immense demand in the last half hour from newly returned fast money accounts and intermediaries

Amendments to LCR will benefit covered bond issuers and investors

Strong support for national champions as market volatility persists

Demand for ING’s five and 15 year covered bonds was tilted towards the short end catalysing curves to steepen across the board

Deutsche Pfandbriefbank (PBB) prioritised size over spread for the first Reg S dollar covered bond to be priced against Sofr mid-swaps.

Axa Bank Europe attracted good demand for its first covered bond since the subsidiary was fully acquired by Belgium’s Crelan Group

Tuesday’s €5bn tap of the European Union’s bonds due 2051 performed well, with short covering interest expected to drag the curve tighter, said rates traders

A well known low beta name needed to reopen senior market

Clydesdale Bank enjoyed a good outcome for its first covered bond in years

Borrowers to cram deals into tight funding windows after ECB tees up first rate rise in a decade

CCDJ’s unremitting effort to market itself in the past two years has shaved basis points off its cost of covered bond funding, according to the head of treasury, Yassir Berbiche