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◆ Rare five year tenor ◆ Competitive pricing versus dollars and euros ◆ Sixth sterling covered from Canada this year
◆ British lender’s last dollar covered was in 2024 ◆ Banker said dollar covered offered saving versus euros ◆ Lloyds placed a similar bond two weeks ago
Issuance may relent next week but the pipeline for the rest of the year is uncertain, say experts
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Deal reviews
◆ Rare five year tenor ◆ Competitive pricing versus dollars and euros ◆ Sixth sterling covered from Canada this year
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
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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Spreads on covered bonds from Italy’s weaker credits have shot skyward this week, with indicative bids in the worst affected names out by at least 25bp since the start of the year. The moves have followed renewed concerns over their non-performing loans. -
Compagnie de Financement Fonciere is expected to open books for a euro benchmark covered bond on Wednesday, which in light of market turbulence and the long 10 year tenor, may need to offer a tempting initial concession. Market conditions permitting, another issuer could brave the market with an alternative offering.
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The supply outlook for covered bonds issued by well rated borrowers in Europe’s core and issues outside the eurozone is constructive, particularly in the defensive three to five year area, bankers told The Cover on Monday. However, with demand for peripheral supply less assured, the supply outlook for all but the very best names is set to remain challenging.
