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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
More articles
More articles
More from covered bonds
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ING Bank and Commonwealth Bank of Australia sold 10 year strong covered bond deals on Monday, creating a "virtuous circle" that should encourage more issuers to enter the market, according to one lead manager. But another cautioned that demand for long dated bonds was "frothy".
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TSB successfully issued its inaugural Sonia linked deal which, in contrast to the bank’s previous attempt that was blighted by political uncertainty, it attracted a comfortably oversubscribed order book. The successful outcome suggests the bank can now look ahead to a more normal year according to TSB treasurer, Alison Straszewski. -
OP Mortgage Bank has issued the first Finnish covered bond of the year and did so at the same spread and in larger size than DZ Hyp managed little more than two weeks ago. With 10 year Bund yields heading towards zero, yield starved investors are chasing the market even tighter.
