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International borrowers dominate this week's flow in the currency
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
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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Korean Housing and Finance Corporation (KHFC) has opened order books in dollars, Muenchener Hypothekenbank (MuHyp) is set to price a small Swiss Franc deal and Piraeus Bank has finalised terms for its floating rate bond that was mainly placed with supranationals. -
Deutsche Hypo has mandated leads to market its inaugural green Pfandbrief, taking the number of German green covered bond issuers to two. But since the bank could be soon bought by the only other green Pfandbrief issuer, the universe might well return to one.
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Although covered bond spreads are close to their historic tightest levels, investors remained keen buyers this week in both in the primary and secondary markets. ABS issuers are filling up the calendar for the rest of the year, while the FIG market more generally is looking ahead to tomorrow’s European Central Bank (ECB) meeting.
