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Analysts expect the first euro covered bond after the summer lull to be printed in the next two weeks following seven weeks of no issuance
Analysts tip redemptions will help drive the primary market when it reopens during the next two weeks
French bank could make its debut in 2027 after it acquires GE SCF later this year
Data
Sub-sections
Sub-sections
Deal reviews
◆ Strong local demand shows eagerness to buy Aussie covereds at new, tighter levels ◆ RBC prices in line with CIBC's reopener of dormant sector ◆ Onshore demand seen supporting issuance up to five years
◆ RBC to follow compatriot CIBC with five year public deal ◆ Earlier trade 'corrected' scarce supply, achieving high oversubscription ◆ Both banks appear ahead of expected local regulatory changes to covered bond treatment
◆ Second public sterling covered bond secured against BTL mortgages ◆ Spread gap compressed versus prime covered bond peers ◆ Small premium paid
British bank picks four leads to run its second public sterling BTL mortgage covered bond
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
Asset class is about 5bp wider than at start of the year
Comments from regulators welcomed by ECBC head
After the busiest June since 2010, banks are well progressed in the covered funding programmes
Benchmark issuance is running 13% ahead of last year
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More from covered bonds
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DZ Hyp this week issued its first Pfandbrief following the merger of DG Hyp and WL Bank. At €1bn, the deal was larger than most and, though it was priced much tighter than a range of non-German seven year deals, it did land at the widest level for a German bank of this rating in over two years. -
Yorkshire Building Society (YBS) and Coventry Building Society have mandated leads for the first five year Sonia-linked covered bonds, Lloyds is out with the first Reg S dollar covered bond from a UK issuer in years, and DZ Hyp has mandated leads for the first deal under its new brand name. Elsewhere, Bank of Nova Scotia has opened order books for a three year sterling tap.
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Covered bond spreads are likely to be wider in January when supply typically peaks, making a good argument for pre-funding this November and giving optimism to some bankers. However, while there are a few projects slated for next week, other bankers do not believe an avalanche of deals is likely.
