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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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OP Mortgage Bank was set to price the first €1bn sized covered bond of the week on Wednesday and, despite offering hardly any new issue premium, the transaction found strong demand reflecting a popular but exceptionally rare tenor. At the same time, Switzerland's Valliant Bank issued its debut covered bond and Sparkasse Hannover issued a sub-benchmark Pfandbrief. -
Some weaker days in the secondary market have focused minds on market conditions going into the final weeks of trading for the year. But investors are still lapping up covered bonds.
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Santander Consumer Bank is set to issue its first Pfandbrief on Wednesday after it mandated lead managers for a roadshow last week.
