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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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A record number of covered bonds are on positive outlook said Fitch in its 2016 covered bond outlook. With sovereign ratings now more stable, covered bond ratings should also become more stable.
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France is expected to issue the second highest volume of covered bonds next year after Germany, but with redemptions exceeding supply, the overall size of the market will contract again in 2016. House prices are expected to stabilise next year after falling since 2011, but new loan origination will remain subdued, according to a range of predictions made by covered bond analysts.
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The credit outlook for covered bonds has not looked this good since 2007, said Moody’s in its covered bond 2016 outlook.The majority of banks are on a stable outlook and regulations have led to an improvement in the resilience of covered bond ratings.