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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
More articles
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More from covered bonds
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Stability of foreign currency funding is a priority for Sumitomo Mitsui Banking Corporation and covered bonds provide a new level of balance in this regard, according to the bank’s head of treasury. Since other borrowers in Japan are sure to be thinking along the same lines, the market for Japan's covered bond is likely to have tremendous scope for growth. -
Australia and New Zealand Banking Group Limited has mandated leads for a roadshow with a view to issuing a covered bond, or senior unsecured transaction, or both. In the meantime, primary market activity is expected to slow this week and next allowing time for the recent slate of deals to be digested and for market sentiment to improve.
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Münchener Hypothekenbank sold its first Pfandbrief secured on green mortgages on Tuesday, managing to attract a solid swell of demand from a diversified set of new investors.
