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◆ Strong market conditions for the asset class ◆ New issue premium debated with pricing in reach of fair value ◆ Largest BNZ covered bond since at least 2023
◆ Big redemption wave and higher yields provide positive tailwind for new issuance ◆ DBS refinances in size ◆ Deka prints a touch inside fair value
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
Data
Sub-sections
Sub-sections
Deal reviews
◆ Strong market conditions for the asset class ◆ New issue premium debated with pricing in reach of fair value ◆ Largest BNZ covered bond since at least 2023
◆ Big redemption wave and higher yields provide positive tailwind for new issuance ◆ DBS refinances in size ◆ Deka prints a touch inside fair value
◆ 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
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
More articles
More from covered bonds
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Standard & Poor’s assigned an investment grade rating to the National Bank of Greece’s (NBG) conditional pass through (CPT) covered bond programme on July 6. -
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.
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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.
