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◆ Aussie bank has primary to itself on Friday ◆ Deal ‘sufficiently different,’ say bankers ◆ Both tranches offer small premiums
French company diversifies funding after inaugural dollar deal last year
The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
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Deal reviews
◆ Aussie bank has primary to itself on Friday ◆ Deal ‘sufficiently different,’ say bankers ◆ Both tranches offer small premiums
The awards recognise the market's leading deals, issuers, banks and other participants
◆ German bank lands flat to fair value ◆ Order book closes at over two times covered ◆ Deal NordLB's first in almost a year
◆ Issuer lands in 'the place to be' amid strong demand for covereds ◆ Achieves its largest covered book since at least 2023 ◆ After 7bp tightening the bond was spotted another 2bp tighter to erase new issue concession
Opinion
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
The fears of the covered bond market reflect a lack of conviction in the superiority of the product
Analysis
Benchmark issuance is running 13% ahead of last year
Burst of deals this year in uneven market suggests investors want alternatives to Treasuries
Central and Eastern Europe earmarked as an area of growth by market participants
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
More articles
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More from covered bonds
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Concerns over regulation and liquidity mean ABS issuers are turning more to covered bonds this year, though there is hope that 2016 will see an increase in capital relief trades, according to panellists at IMN’s Global Covered Bond conference, held in London on Monday.
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Spanish covered bond issuers have been busy updating the valuations of their Cédulas pools and removing ineligible loans which have been structured into RMBS, said Moody’s. The process takes the Spanish covered bond market closer to meeting the European Banking Authority’s best practice guidelines and will stand issuers in good stead for when Spain unveils its new covered bond law.
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The Norwegian issuer successfully priced its first covered bond on Tuesday, a day after Moody’s published a report highlighting Norwegian programmes with a high oil related exposure. Meanwhile, Crédit Agricole mandated leads for its first covered bond of the year.