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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
Data
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Sub-sections
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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NordLB attracted a strong order book and paid little new issue premium for its first dollar covered bond — also the first dollar covered bond of 2018 — a defensive three year dollar Reg S Lettres de Gage publiques. -
Deutsche Apotheker- und Aerztebank issued a tightly priced €500m seven year mortgage Pfandbrief on Tuesday, paying a minimal new issue premium even though market conditions were awful.
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Deutsche Apotheker-und Aerztebank (apoBank) has mandated joint leads for a seven year Pfandbrief. It follows one of the busiest starts to the covered bond market in years. With a more limited supply outlook spreads should stay stable for now. But with yields rising and relative value declining, core European borrowers will become ever more reliant on the Eurosystem to support their deals.
