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◆ Spread tightened by 8bp from IPTs ◆ Banker said order book quality stayed high despite losing some investors ◆ Second Czech covered in two days
◆ Issuer happy with tight spread ◆ Short-dated tenor helped, according to a banker ◆ Treasurer said HCOM may issue one mortgage covered next year
◆ Spread fixed at start of execution ◆ Canadian bank's second dollar covered within six months ◆ Strong supply in dollar covereds this week
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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SEB mandated leads and opened books for the fourth sterling denominated covered bond from a Swedish issuer this year, a three year floating rate note. At the same time, Korea Housing Finance Corp (KHFC) opened books for a fixed rate five year dollar benchmark, and its first legally enshrined covered bond.
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HSH Nordbank issued a €500m five year mortgage Pfandbrief on Thursday. Despite offering an attractive new issue premium and a rare Pfandbrief spread over mid-swaps, leads struggled to fill the order book, with the structural upheaval facing the issuer compounding difficult market conditions.
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European benchmark issuance is expected to rise in 2016 led by German banks, which have seen double digit growth in mortgage lending this year, say analysts at Commerzbank. The next largest regional supply is expected from issuers in France, then Spain followed by Canada, say analysts at Société Générale.