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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
More articles
More articles
More from covered bonds
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LBBW’s debut green Pfandbrief attracted a larger order book from a wider set of international investors compared with a vanilla deal, suggesting the bonds have good scope to perform relative to ordinary deals. -
LBBW has mandated leads for its first Pfandbrief secured on green mortgages. The transaction follows a similar deal last week from DNB Boligkreditt and comes after LBBW’s inaugural green senior deal launched in December 2017. Several other covered bonds are expected next week.
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DNB Boligkreditt showed this week that borrowers have a very good incentive to consider issuing green covered bonds, especially now that the European Central Bank has signalled its intention to reduce net buying of assets under the Covered Bond Purchase Programme (CBPP3) to zero by December.
