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The covered bond market gathered in Seville to celebrate the deals, institutions and individuals that have made their mark over the past year
Corporates and banks add scale to recent FRN run in euros and dollars
Panel of experts in Seville praised the directive, but would welcome 'a bit of regulatory stability'
Data
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Deal reviews
Panel of experts in Seville praised the directive, but would welcome 'a bit of regulatory stability'
◆ Lead says shorter tranche demand lower than expected ◆ NIP paid at 'upper end' compared to recent deals ◆ Market slows for this year's Covered Bond Congress
◆ Only sub-benchmark covered deal in the market on Tuesday ◆ Issuer paid a 'healthy new issue concession', says banker ◆ Pfandbriefzentrale planning new Swiss franc note
◆ Tuesday's only benchmark covered deal ◆ ASN's second covered in six months ◆ Short-end of the curve is an 'investor sweet spot', says bank
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
Analysts see covered bond issuance slowing to a more sedate pace from October through to the end of 2026
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Asset class is about 5bp wider than at start of the year
Comments from regulators welcomed by ECBC head
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The French government has taken further steps to rationalise its various public sector lending institutions with the transfer of a controlling stake of SFIL to Caisse des Dépôts et Consignation (CDC), a move that should theoretically help lower public spending. -
With covered bond spreads likely to go wider, ANZ’s decision to take as much size from the market as possible was logical. The short and rare four year tenor was instrumental in boosting appeal for the bond issue, but it also helped that the issuer took the trouble to engage with investors with a roadshow beforehand.
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At the latest monetary policy meeting of the European Central Bank, governing council members mentioned the looming end of the targeted longer-term refinancing operations (TLTRO II). But experts reckon that the life of this cheap liquidity programme could be extended, and that it may even be used to help stem a financial crisis in Italy.
