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Avoiding unsecured euro issuance, French banks have concentrated funding in dollars and covered bonds as they eye record start
Largest Israeli bank sees itself as a pioneer in its domestic bond market
◆ French bank built €8.6bn order book ◆ Strong performance underlines demand for 10-year covereds ◆ Covered note bank's third deal in three days
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Deal reviews
◆ French bank built €8.6bn order book ◆ Strong performance underlines demand for 10-year covereds ◆ Covered note bank's third deal in three days
◆ Deal part public sector, part mortgage covered bonds ◆ Both legs 'at or close to fair value' ◆ Covereds oversubscribed due to political uncertainty
Bankers reach for superlatives as four deals price tightly
◆ British building society places first sterling covered of 2026 ◆ Order book surpasses £3bn ◆ First tranche hit fair value, second offered 2bp premium
Opinion
Rate increases could be closer than you think
Equalising risk weightings of covered bonds and resilient STS securitizations at 5% is sound
Bank's head of DCM and syndicate chief talk bond market expansion plans
◆ Why buy bonds when spreads are so tight ◆ Using tech to unearth new economic signals ◆ Playing the shifting relative value pitch
Analysis
Unsecured bonds could become more expensive to issue, covered bonds cheaper
The euro covered bond market shook off a volatile end to 2024 to rebound with a raft of exceptionally popular deals in 2025. Investors appeared eager to pile into euro covered bond books this year, propelling bid-to-cover ratios upwards and new issue premium downwards, writes Frank Jackman
Covered bond funders will have to weave their way through tight senior unsecured and wide SSA spreads in 2026 if they are to refinance the wave of redemptions that awaits them. One big question for the year ahead, discovers Frank Jackman, is whether issuers will be tempted to pay up for duration
Implementation could push covered spreads closer to govvies and SSAs
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More from covered bonds
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From elections to equivalence, it has been an interesting year for the euro covered bond market. As the European Central Bank has fully left the market, covered funders have needed to unearth new — and returning — pockets of demand. In early August, GlobalCapital virtually convened a panel of issuers, investors and intermediaries to discuss what shaped euro covered bond issuance this year, and what is in store for 2025 -
Euro covered bonds are becoming an increasingly global product. Offshore issuance is on the rise as banks — and investors — look to diversify their portfolios, writes Frank Jackman
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Covered bonds are not just for mortgages. Interest in secured funding is growing across Europe as issuers look to use all the assets on their balance sheets. But regulatory requirements could hinder development and push issuers to seek out alternative modes of financing, reports Frank Jackman
