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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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With covered bond spreads likely to go wider, ANZ’s decision to take as much size from the market as possible was logical. The short and rare four year tenor was instrumental in boosting appeal for the bond issue, but it also helped that the issuer took the trouble to engage with investors with a roadshow beforehand. -
At the latest monetary policy meeting of the European Central Bank, governing council members mentioned the looming end of the targeted longer-term refinancing operations (TLTRO II). But experts reckon that the life of this cheap liquidity programme could be extended, and that it may even be used to help stem a financial crisis in Italy.
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The European Parliamentary Committee on Economic and Monetary Affairs (ECON) voted on its version of the covered bond directive on Tuesday, with the European Council yet to agree its text. But a leaked draft of the Council’s 'overall compromise text', seen by GlobalCapital, suggests the two sides are getting closer together.
