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Swiss insurer Helvetia Baloise prints first bond since merger
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
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
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More from covered bonds
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After a long hiatus, the Italian financial institution bond market exploded into life with week with two covered bonds and one debut unsecured transaction. Though demand was clearly more nuanced for the second covered bond, bankers were hopeful others would soon follow. Bill Thornhill and Jasper Cox report. -
Mediobanca followed Intesa into the Obbligazioni Bancarie Garantite (OBG) market on Thursday and, despite coming with an easier to sell shorter maturity, demand was down by almost two-thirds compared to the earlier deal. Even so, bankers have not ruled out the possibility that one or two Italian banks could soon follow.
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Germany may have been kicked out of the FIFA World Cup but they still know how to issue a good Pfandbrief, according to a German lead manager who worked on HSH Nordbank’s five year Pfandbrief that was launched on Thursday alongside an Austrian deal — Raiffeisenlandesbank (RLB) Oberösterreich’s 10 year, which also achieved an excellent reception.
