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Analysts expect the first euro covered bond after the summer lull to be printed in the next two weeks following seven weeks of no issuance
Analysts tip redemptions will help drive the primary market when it reopens during the next two weeks
French bank could make its debut in 2027 after it acquires GE SCF later this year
Data
Sub-sections
Sub-sections
Deal reviews
◆ Strong local demand shows eagerness to buy Aussie covereds at new, tighter levels ◆ RBC prices in line with CIBC's reopener of dormant sector ◆ Onshore demand seen supporting issuance up to five years
◆ RBC to follow compatriot CIBC with five year public deal ◆ Earlier trade 'corrected' scarce supply, achieving high oversubscription ◆ Both banks appear ahead of expected local regulatory changes to covered bond treatment
◆ Second public sterling covered bond secured against BTL mortgages ◆ Spread gap compressed versus prime covered bond peers ◆ Small premium paid
British bank picks four leads to run its second public sterling BTL mortgage covered bond
Opinion
Covered bond issuers have been reluctant to issue on the same day as a central bank announcement, but this is starting to change
The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
If it looks like a covered bond, acts like a covered bond and prices like a covered bond, then it probably should be treated like one
Easily dismissed as "fast money" with all the negative implications that can bring in the primary bond market, hedge funds are becoming increasingly important to covered bond issuers
Analysis
Asset class is about 5bp wider than at start of the year
Comments from regulators welcomed by ECBC head
After the busiest June since 2010, banks are well progressed in the covered funding programmes
Benchmark issuance is running 13% ahead of last year
More articles
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More from covered bonds
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Covered bond deals issued on Tuesday by the Swedish Covered Bond Corp (SCBC) and UniCredit Bank Austria were priced tightly but the market proved softer than recent sessions and price sensitivity limited the Swedish bank’s size ambitions. -
The speed with which sterling sub-sectors have switched their benchmark rate from Libor to Sonia has been astonishing. There’s still some way to go, particularly in the corporate market, but the transition, which looked almost unassailable in 2017, might just be done on time.
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Bank of Queensland was able on Thursday to shave off the new issue premium for its new covered bond. It offered a juicy spread at a time when supply of high coupon deals in the asset class is threatened by the European Central Bank’s liquidity operations.
