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Bankers predict steady flow of covered bonds issuance over coming weeks despite recent spike in activity
◆ 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
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
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The Pfandbrief market has been hit hard by the European Central Bank’s third covered bond purchase programme, which began in October 2014. Central banks have gone from taking around 14% of newly minted Pfandbriefe before CBBP3 to around 33% of such deals now, according to Thorsten Euler, a Pfandbrief analyst at DZ Bank.
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Arnaud-Guilhem Lamy, a covered bond portfolio manager with BNP Paribas Asset Management in Paris, speaks to The Cover about the cause of the recent Bund rout, whether it was a correction or change in trend, and whether peripheral covered bonds can still tighten relative to the core.
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Banco Sabadell ended a month long drought of periphery issuance on Friday by only just managing to print a €750m five year covered bond. A mooted 10 year never appeared.