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◆ Deal lands flat to recent UK and Canadian trades ◆ Dollar prices find stable footing for issuers and investors ◆ Pricing in line with other currencies
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
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Deal reviews
◆ Deal lands flat to recent UK and Canadian trades ◆ Dollar prices find stable footing for issuers and investors ◆ Pricing in line with other currencies
◆ 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
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
More articles
More from covered bonds
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Wüstenrot Bausparkasse issued a €250m eight year Pfandbrief and, though it was smaller and attracted less demand than its debut deal, the new issue premium was tight. -
The European covered bond industry this week rejected most of the recommendations for the covered bond directive made by the European Parliament Committee on Economic and Monetary Affairs’ rapporteur, Bernd Lucke. However, there is agreement on one important point.
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Lloyds Bank found strong demand for the first Sonia-linked sterling transaction from a financial institution. Meanwhile the euro covered bond market ground to a standstill with just Wüstenrot Bausparkasse mandating leads for a sub-benchmark deal.
