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Analysts expect the first euro covered bond after the summer lull to be printed in the next two weeks following seven weeks of no issuance
Analysts tip redemptions will help drive the primary market when it reopens during the next two weeks
French bank could make its debut in 2027 after it acquires GE SCF later this year
Data
Sub-sections
Sub-sections
Deal reviews
◆ Strong local demand shows eagerness to buy Aussie covereds at new, tighter levels ◆ RBC prices in line with CIBC's reopener of dormant sector ◆ Onshore demand seen supporting issuance up to five years
◆ RBC to follow compatriot CIBC with five year public deal ◆ Earlier trade 'corrected' scarce supply, achieving high oversubscription ◆ Both banks appear ahead of expected local regulatory changes to covered bond treatment
◆ Second public sterling covered bond secured against BTL mortgages ◆ Spread gap compressed versus prime covered bond peers ◆ Small premium paid
British bank picks four leads to run its second public sterling BTL mortgage covered bond
Opinion
Covered bond issuers have been reluctant to issue on the same day as a central bank announcement, but this is starting to change
The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
If it looks like a covered bond, acts like a covered bond and prices like a covered bond, then it probably should be treated like one
Easily dismissed as "fast money" with all the negative implications that can bring in the primary bond market, hedge funds are becoming increasingly important to covered bond issuers
Analysis
Asset class is about 5bp wider than at start of the year
Comments from regulators welcomed by ECBC head
After the busiest June since 2010, banks are well progressed in the covered funding programmes
Benchmark issuance is running 13% ahead of last year
More articles
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More from covered bonds
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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. -
The covered bond market looked well supported on Wednesday as Sparebank Soer Boligkreditt issued the most highly oversubscribed deal of the year, which was priced flat to its curve. With all new issues tightening bankers are hopeful that Italian and Greek supply could soon follow.
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Sparebank Soer Boligkreditt has mandated leads for a covered bond and taken advantage of demand identified in the previous three Norwegian deals issued so far this year.
