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◆ Large demand for all tranches, including rare FRN ◆ Despite flat swap curve long end 'flies' ◆ Higher yields a boon for investors
◆ Latest non-eurozone banks to print in dollar ◆ Competitive pricing available versus sterling and euros ◆ Lloyds chooses 'cheaper' three year tenor as NAB goes for a five year
◆ Issuer slings third Singaporean covered of the week into the market ◆ Pricing tight to secondaries ◆ Sterling covered volumes boom thanks to offshore funders
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Deal reviews
◆ Large demand for all tranches, including rare FRN ◆ Despite flat swap curve long end 'flies' ◆ Higher yields a boon for investors
◆ Latest non-eurozone banks to print in dollar ◆ Competitive pricing available versus sterling and euros ◆ Lloyds chooses 'cheaper' three year tenor as NAB goes for a five year
◆ Issuer slings third Singaporean covered of the week into the market ◆ Pricing tight to secondaries ◆ Sterling covered volumes boom thanks to offshore funders
◆ 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
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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Caisse Francaise De Financement Local (Caffil) has mandated leads for a 10 year euro benchmark Obligation foncière, and after completing a roadshow last week, The Mortgage Society of Finland is set to open order books for sub-benchmark deal. -
Covered bond primary volume is expected to slow from the exceptionally busy period seen over the last two weeks, though a number of issuers are still monitoring conditions. In the meantime, market participants will be heading to Vancouver for the European Covered Bond Council’s plenary meeting and Euromoney Conference’s North America Covered Bond Forum.
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The belly of the covered bond curve is soft with offers easy to find. Traders are hopeful that spreads will stabilise after next week’s slew of issuance but confidence is lacking. Yet there are pockets of performance if you look hard enough.
