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Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
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
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
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
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
More articles
More articles
More from covered bonds
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Fears about the Turkish exposures of European banks have done little to distract fixed income investors from a brewing crisis in Italy. They may even have sharpened focus on the scale of the problems facing the country. -
Moody’s downgraded Banca Carige’s residential mortgage backed covered bonds this week, but kept them in investment grade territory. Spreads barely moved in the aftermath, suggesting investors have already sold their exposure.
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Austria’s Ministry of Finance will finally set out draft proposals to harmonise the country’s three covered bond legal frameworks early in 2019 after years of deliberations. And, with the introduction of new measures that bring the unified law into line with best practice, rating upgrades are likely.
