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The covered bond market gathered in Seville to celebrate the deals, institutions and individuals that have made their mark over the past year
Corporates and banks add scale to recent FRN run in euros and dollars
Panel of experts in Seville praised the directive, but would welcome 'a bit of regulatory stability'
Data
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Deal reviews
Panel of experts in Seville praised the directive, but would welcome 'a bit of regulatory stability'
◆ Lead says shorter tranche demand lower than expected ◆ NIP paid at 'upper end' compared to recent deals ◆ Market slows for this year's Covered Bond Congress
◆ Only sub-benchmark covered deal in the market on Tuesday ◆ Issuer paid a 'healthy new issue concession', says banker ◆ Pfandbriefzentrale planning new Swiss franc note
◆ Tuesday's only benchmark covered deal ◆ ASN's second covered in six months ◆ Short-end of the curve is an 'investor sweet spot', says bank
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
Analysts see covered bond issuance slowing to a more sedate pace from October through to the end of 2026
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Asset class is about 5bp wider than at start of the year
Comments from regulators welcomed by ECBC head
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More from covered bonds
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The development of a harmonised European covered bond legal framework hit a new milestone on Tuesday after an agreement was reached by the European Parliament and member states on the covered bond directive, paving the way for final approval in a few weeks. -
Covered bonds issued by Intesa Sanpaolo, Axa Bank and Aktia on Tuesday “flew out the door”, according to leads, with the depth and breadth of demand surpassing expectations. The superb conditions may not last, but exuberance is expected to prevail for now.
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Saddled with the problems of its parent group and in the absence of a top rating, Deutsche Hypo had to settle for what it could get in the market on Monday. The fact that it raised €625m of 10 year funding at a level close to its curve was therefore something of a minor triumph.
