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The only covered bond issued this week landed with a small new issue premium
This week’s covered bond market was quiet compared to seniors and SSAs, bankers say
◆ French issuer tightens spread by 6bp ◆ Order book closes at €2.5bn peak ◆ Only covered bond issued on Tuesday
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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Investors’ appetite for additional tier one (AT1) bonds is unlikely to diminish next year, while senior non-preferred issuance will come from new jurisdictions. Meanwhile, covered bond investors do not expect spreads to widen, and securitization investors are attracted to high yields. -
LBBW came to the market with its first green bond on Tuesday, hoping to reach new investors. It plans to issue at least one to two benchmark green trades a year in the senior unsecured or covered format.
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The covered bond purchase programme (CBPP3) could well contract in December, but the European Central Bank will easily have scope to rebuild its portfolio in January which will support spreads. However, a rise in November's secondary market purchases shows real money investors are taking profits and leaving the asset class, boding poorly for the longer term spread outlook.
