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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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DZ Hyp this week issued its first Pfandbrief following the merger of DG Hyp and WL Bank. At €1bn, the deal was larger than most and, though it was priced much tighter than a range of non-German seven year deals, it did land at the widest level for a German bank of this rating in over two years. -
Yorkshire Building Society (YBS) and Coventry Building Society have mandated leads for the first five year Sonia-linked covered bonds, Lloyds is out with the first Reg S dollar covered bond from a UK issuer in years, and DZ Hyp has mandated leads for the first deal under its new brand name. Elsewhere, Bank of Nova Scotia has opened order books for a three year sterling tap.
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Covered bond spreads are likely to be wider in January when supply typically peaks, making a good argument for pre-funding this November and giving optimism to some bankers. However, while there are a few projects slated for next week, other bankers do not believe an avalanche of deals is likely.
