Top section
Top section
Most recent
The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits
◆ 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
Data
Sub-sections
Sub-sections
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
-
Markets are not prepared for climate change, which is expected to have severe economic consequences. Event risk, leading to credit risk and political action, will spur dramatic change, that could create a new low carbon economy. Climate change mitigation will eventually come to bear on all aspects of society, in the form of regulatory and fiscal incentives and disincentives. Having a green and sustainable action plan is therefore likely to become core to the strategy of every financial institution. -
DZ Hyp has mandated leads for a non-deal roadshow, RLB Vorarlberg has mandated leads to roadshow its first covered bond, and ASB Finance has also appointed leads for a series of investor meetings.
-
Hyp Noe’s tightly priced €500m Aa1 rated seven year covered bond issued on Tuesday was thinly oversubscribed, in contrast to a similar sized triple-A rated six year from BayernLB which found greater demand despite being priced tighter and with a smaller concession.
