Top section
Top section
Most recent
Pfandbriefzentrale prints the week’s largest deal with its covered bond programme
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Two consent solicitations would restructure programme after acquisition last year
Sub-sections
Sub-sections
Deal reviews
◆ Second Friday print in two weeks ◆ Dynamics suggest repricing is almost completed ◆ No premium paid to recent UK building society prints
◆ Deal attracts granular book for a Pfandbrief ◆ Premium paid but outcome still 'fair' ◆ Elsewhere, Finnish sub-benchmark deal proves popular
◆ UK lender builds demand across two legs ◆ Equivalence 'noise' no problem ◆ Canadian paper provides the closest, most recent comparables
◆ German issuer lands €1bn at tightest spread... ◆ ...but still pays a premium ◆ Shorter Pfandbriefe less popular with issuers this year
Opinion
Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds
The UK will do better with tactical retreats on regulation than risking being outflanked by the US's wildcat banking regime
The industry’s obsession with appointing co-heads plays into its reputation for competition rather than cooperation
Post-management senior positions can be very valuable, but only if handled right
Analysis
Downgrade 'pretty much priced in' for French bank and covered paper
Demand supported by resurgent asset manager bid
Market participants hope more jurisdictions will follow as Canadian duo attract record demand
Paper could arrive on Monday or Tuesday, ahead of flagship covered market event
More articles
More articles
More from covered bonds
-
Banks enjoyed a strong start to their 2024 euro funding, securing much needed duration without having to pay eye-watering premiums. But conditions worsened and issuers slunk back down the curve as elections dictated market sentiment, writes Frank Jackman -
SSA bond spreads widened dramatically against swaps in the latter part of 2024 and market participants are fearful that this will exert pressure on covered bond issuers next year. But on a positive note, several first-time issuers are anticipated to light up the market, writes Frank Jackman
-
€19bn of Cédulas will mature next year — but not all will be refinanced
