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◆ Third German covered in two days ◆ Issuer's second covered of 2026 ◆ Small new issue premium offered, says banker
◆ German bank paid small new issue premium ◆ €1bn size was main objective ◆ Low or no new issue concession in line with contemporary deals
◆ Intesa Sanpaolo's Slovakian arm is a frequent issuer ◆ Banker said 33bp could be through FV ◆ CEE covereds offer the widest spread, ABN wrote
Data
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Sub-sections
Deal reviews
◆ Korean lender capped trade to focus on spread ◆ Shared market with four other deals ◆ Asian firms have been busy since market reopened
◆ Issuer tightened spread by 5bp ◆ One of five euro benchmark covereds issued on same day ◆ BayernLB landed tighter covered in June
◆ 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
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
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Lloyds Bank tapped the covered bond market for a three year floating rate deal on Monday, the fourth year in a row that it has issued the instrument in early January. -
Investor Access, a platform which allows investors to submit orders for a new bond issue directly into the order book was deployed for the first time last week on a Commonwealth Bank of Australia sterling covered bond. Now work is underway to convince more dealers of the initiative’s worth.
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The dollar covered bond market is in good shape, and it seems likely that issuers will want to follow the success of Bank of Montreal which last Wednesday issued the first benchmark of the year at a cheaper cost and in larger size than its previous deal issued six month ago.
