Top section
Top section
Most recent
Chubb leads another busy week for foreign borrowers as domestic names also keep supply flowing
◆ Swedish bank funds across the capital stack ◆ Latest euro covered bond launched to capture strong demand ◆ One of the tightest deals in three years
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Data
Sub-sections
Sub-sections
Deal reviews
◆ Swedish bank funds across the capital stack ◆ Latest euro covered bond launched to capture strong demand ◆ One of the tightest deals in three years
◆ Both issuers are linked to RBI Group ◆ Austrian bank prices with negative concession... ◆.... while RBI's Slovakian subsidiary pays premium for its largest deal in many years
◆ Second longer dated French deal in a row ◆ Issuer parks at a double digit spread inside the government's curve ◆ Concession paid
◆ Large demand for all tranches, including rare FRN ◆ Despite flat swap curve long end 'flies' ◆ Higher yields a boon for investors
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
Covered market provides 'the deepest pocket of demand' among FIG asset classes
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
More articles
More articles
More from covered bonds
-
After rallying hard over the past week covered bond spreads have begun to stabilise, especially in France where Credit Agricole’s well-performing €1.5bn 10 year helped sate appetite. Traders reported bigger price dislocations in the peripheral covered bond market. -
Yapi ve Kredi Bankasi said it plans to press ahead with its debut euro covered bond, and after getting regulatory approval Turkiye Is Bankasi (Isbank) has had its programme rated by Moody’s.
-
Crédit Agricole issued one of three euro benchmark covered bonds this week, attracting demand that topped the combined interest seen in deals issued by Swedbank and HVB.
