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Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Smaller order books and tighter new issue premiums characterise new phase
◆ Portuguese bank tightened spread by 3bp ◆ First covered from issuer since October ◆ Banker said this is 'good level for issuer'
Data
Sub-sections
Sub-sections
Deal reviews
◆ Bank prints first Belgian covered in over six months ◆ Issuer caps order size at €750m from start ◆ Covereds this week offering more new issue concession
◆ €1.5bn covered is ING's first of 2026 ◆ 5bp of concession ◆ 'Sweet spot' tenor
◆ 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
Opinion
The preference for a diverse group of lead managers and the convention of reciprocity keep covered bond bookrunning competitive despite concentration so far this year
Rate increases could be closer than you think
Equalising risk weightings of covered bonds and resilient STS securitizations at 5% is sound
Bank's head of DCM and syndicate chief talk bond market expansion plans
Analysis
European and other regulators are working on reforms to make covered bond funding more efficient
Changes to ECB collateral eligibility requirement could lead to more blockchain-based covered bonds, Moody's suggests
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
More articles
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More from covered bonds
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Bayerische Landesbank (BayernLB) and Aareal Bank found strong demand for their Pfandbrief this week. Despite pricing tightly to mid-swaps the deals offered a generous pick-up to Bunds, which ensured broad based interest. -
Skandinaviska Enskilda Banken followed Swedbank with a seven year deal, printing a well oversubscribed €1.25bn covered bond on Thursday flat to its curve. The deal comes as Citi research suggested excess demand for covered bonds issued this month is at a record level.
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Rabobank, Sparebank 1 Boligkreditt and Société Générale issued most highly rated deals this January and BNP Paribas has, on average, worked on the most highly rated deals so far this year according to GlobalCapital's BondMarker.
