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◆ Issuer paid small new issue concession, says banker ◆ Eika's first covered since May 2025 ◆ Nordic issuers may be 'done for now'
◆ Czech bank's first issue since May ◆ Mandate announcement yielded 'decent feedback' ◆ CEE issuers active in covereds this year
Only third Portuguese covered this year ◆ Fair value at '13bp-14bp' says banker ◆ Investors responded well to three year tenor
Data
Sub-sections
Sub-sections
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
More articles
More articles
More from covered bonds
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Bank of Montreal (BMO) was set to issue a €1.5bn three year covered bond on Thursday after attracting the biggest order book for a Canadian bank in euros in the past year. The borrower’s decision to opt for a short tenor proved the perfect choice in the context of Thursday’s prevailing risk averse and volatile market.
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Nordea Eiendomskreditt issued the second sterling three year floating rate covered bond of the year on Wednesday following the earlier success of Lloyds which reopened the market on Tuesday. And after a strong reception for Toronto Dominion’s (TD) euro five year benchmark, Bank of Montreal and DNB Boligkreditt mandated leads for euro denominated transactions to be priced on Thursday.
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Caisse Francaise De Financement Local (CAFFIL) raised €1.5bn in the covered bond market on Tuesday with a two tranche public sector-backed deal. The higher yielding €500m 15 year tranche was subscribed, but the €1bn six year was not.