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Issuance may relent next week but the pipeline for the rest of the year is uncertain, say experts
◆ Issuer tightened spread by 7bp on Tuesday ◆ First euro covered from ANZ NZ since 2023 ◆ Acting treasurer said €750m was the target
◆ BMO's floater came after Crédit Agricole’s last week ◆ Banker said floaters are becoming more popular ◆ Canadian bank's sixth covered this year
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Deal reviews
Issuance may relent next week but the pipeline for the rest of the year is uncertain, say experts
◆ Issuer tightened spread by 7bp on Tuesday ◆ First euro covered from ANZ NZ since 2023 ◆ Acting treasurer said €750m was the target
◆ 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
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
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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 in London on Monday. -
Crédit Agricole has launched a tender offer for seven series of outstanding covered bonds issued between 2010 and 2013, totalling up to €2bn. The bank has also announced that its subsidiary Credit Agricole Home Loan SFH will seek consent to switch its outstanding covered bonds to a soft bullet structure.
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Intesa SanPaolo has captured the strong improvement in peripheral market sentiment with its €1.25bn seven year covered bond issued on Friday which attracted the highest order book of the year. At the same time Sparebanken Sør Boligkreditt has mandated leads for its debut covered bond.
