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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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Sparebank 1 Boligkreditt took advantage of a slight improvement in sentiment on Monday to issue a €1bn five year covered bond while Møre Boligkreditt issued a sub-benchmark deal. The two banks followed DG Hyp which issued a nine year benchmark. -
DG Hyp issued a €500m nine year Pfandbrief on Friday with demand of €1bn and a concession of about 5bp. The deal follows an active week in covered bonds and comes ahead of what is likely to be another busy week before the European Central Bank meeting — partly reflecting continued execution uncertainty in the senior unsecured market.
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NN Bank paid a generous premium this week to issue the first Dutch conditional pass through (CPT) covered bond of 2018. The deal emerged at the same time as Belfius Bank returned to the covered bond market with a 10 year.
