Covered Bonds

Canadian banks are expected to be one of the largest issuer groups in the asset class as they diversify across currencies

The bank's plan to issue a seven year covered bond sets the stage for likely head to head execution with LBBW

The seven year Pfandbrief will offer the longest covered bond for more than four months

French, German and Dutch banks are forecasted to print a combined benchmark volume of around €75bn, with 2024 looking like another year of positive net supply

◆ What the most senior debt bankers in the world believe about next year ◆ Who's eating Credit Suisse ◆ If a property company falls in the forest and doesn't make a sound...

Covered bond benchmark issuance in euros had reached €175bn by early November 2023, suggesting the market was on track to reach €185bn for the year — somewhat less than 2022’s record of a little over €200bn. Although gross volumes are expected to decline a little in 2024, they are likely to remain well above average and, in the absence of central bank support, further pressure on spreads is expected.

Financial institutions’ funding requirements point to a busy start to their bond sales in 2024. But, as Atanas Dinov reports, banks may need to compete for attention not only with other financial credits but with the broader fixed income universe, as we reveal the results of our FIG market survey

GlobalCapital asked the heads of debt capital markets at over 50 of the top bond houses where they saw threats and opportunities for 2024. Geopolitics are once again at the top of the worry list but so is retaining junior staff. Overall, however, Toby Fildes and Ralph Sinclair, discovered an optimistic tone, no doubt helped by the pervasive belief that interest rates are at or near their peak

The main consideration for eurozone banks at the start of 2023 was to garner what remained of the ECB bid for covered bonds but by the end of the year they had negotiated not one but two crises. Sarah Ainsworth reports on how, despite all the volatility, they navigated another strong year for issuance

Rate peak joy soothes angst over Austrian collapse, but losses will surface

Despite prevailing bleak sentiment from expensive Pfandbrief issuers, the market is bracing for the reopening of the long end of the market

◆ Interest rate expectations power demand for higher yielding bonds, duration in covereds ◆ Synthetic indices tighten to fresh 12-month low ◆ Market in rude health for January issuance