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Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Smaller, private banks likely to issue in coming weeks, experts have said
There were no new covered bonds issued on Thursday after two on Wednesday and four on Tuesday
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
More articles
More from covered bonds
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National Australia Bank (NAB) was looking for execution certainty when heading to the dollar market to sell a pair of senior unsecured and covered bonds on Monday. But with credit conditions improving on Tuesday, Westpac shaved a few basis points off the cost of funding compared with its peer by opting for euros in covered and senior formats. -
The secondary market for covered bonds remains weak and, according to one trader, conditions are “not far from disorderly”. All jurisdictions and tenors are under pressure as borrowers have “no incentive to defer planned new issues”, said analysts at DZ Bank.
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The French government has taken further steps to rationalise its various public sector lending institutions with the transfer of a controlling stake of SFIL to Caisse des Dépôts et Consignation (CDC), a move that should theoretically help lower public spending.
