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Bank completes more than half its annual funding before first quarter blackout
◆ Largest coverage ratio for almost three months ◆ Priced flat to fair value ◆ Slow pipeline predicted for rest of week
Despite uncertainty in the Middle East peace process, market participants are seeing risk appetite from FIG investors
Data
Sub-sections
Sub-sections
Deal reviews
◆ Largest coverage ratio for almost three months ◆ Priced flat to fair value ◆ Slow pipeline predicted for rest of week
◆ 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
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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DNB Boligkreditt took the opportunity on Wednesday to pre-fund as the start of next year is expected to be volatile. The DNB Bank subsiduary issued one of the largest five year covered bonds of 2018. Despite its large size, the deal was priced with a tight new issue concession. -
Bank of Nova Scotia (BNS) offered Swiss investors a rare chance to buy its debt with a seven year covered bond from a rare name on Tuesday.
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Coventry Building Society became the first financial institution to issue a five year Sonia-linked covered deal on Tuesday, just beating Yorkshire Building Society (YBS) to the punch.
