Top section
Top section
Most recent
◆ BMO's floater came after Crédit Agricole’s last week ◆ Banker said floaters are becoming more popular ◆ Canadian bank's sixth covered this year
◆ UOB cited last week's DBS covered as a comparable ◆ Singaporean bank issued a sterling covered last week ◆ Issuers using different currencies back-to-back is not unusual
◆ German issuer showed little order book attrition ◆ UniCredit shared primary market with four others ◆ Market set to slow after a fast start
Data
Sub-sections
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
-
Stadshypotek attracted a robust following for its first covered bond backed by Finnish assets, and even though the final spread was much tighter than leads initially indicated, few investors fell out. -
An average of about three covered bonds a week are expected between the start of the fourth quarter and the end of November, but with German holidays, blackout periods and elections, the two month funding window is thick with the risk of disruption.
-
Swedish bank Stadshypotek has mandated leads for its first covered bond backed by Finnish assets. As the bonds are regulated under Swedish law, they should offer a small spread over Finnish legal framework deals which are eligible for the ECB's covered bond purchase programme (CBPP3).
