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With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Market participants gathering in Stavanger will focus on market growth
The only covered bond issued this week landed with a small new issue premium
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
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
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
More articles
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More from covered bonds
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Berlin Hyp (BHH) has appointed leads for a four year Pfandbrief, and unless it plans on giving a away a large new issue premium, the bonds are expected to have a negative yield. -
In contrast to most other research teams, which are predicting unchanged or higher covered bond primary volumes next year, analysts at Commerzbank expect gross supply to decline.
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Mediobanca took advantage of robust market conditions, the limited funding window left this year and the growing possibility of peripheral rates volatility next year to issue a €750m 12 year covered bond at a considerably lower level than BTPs.
