Top section
Top section
Most recent
◆ Issuer chose larger order size ◆ Strong supply of five year covereds cited ◆ Seventh German covered in three weeks
◆ Banker said bonds offered no new issue concession ◆ Shinhan’s was one of six covered bonds on Monday ◆ Deal was fifth Korean covered this year
Bankers predict steady flow of covered bonds issuance over coming weeks despite recent spike in activity
Data
Sub-sections
Sub-sections
Deal reviews
◆ Issuer chose larger order size ◆ Strong supply of five year covereds cited ◆ Seventh German covered in three weeks
◆ Banker said bonds offered no new issue concession ◆ Shinhan’s was one of six covered bonds on Monday ◆ Deal was fifth Korean covered this year
◆ 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
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
-
The OPEC meeting in June could result in higher oil prices, higher inflation expectations by year-end, and an end in sight to quantitative easing (QE), according to a presentation made at the LBBW covered bond conference in Mainz on Thursday. But in the meantime, investors have no option but to go down the credit curve or out on the maturity curve in search of yield, or exit covered bonds for higher yielding alternatives.
-
Vorarlberger Landes-Und Hypothekenbank issued a highly oversubscribed mortgage backed Pfandbrief on Wednesday, in a move that showed investors were not concerned about the issuer’s Swiss franc exposure that Moody’s had highlighted.
-
The rally in government bonds since the European Central Bank announced its sovereign quantitative easing programme at the end of January has restored relative value in core European covered bonds. Though yields remain low, BPCE and Belfius Bank this week issued benchmark deals that enjoyed exceptionally good demand that was boosted by the return of real money rates investors to covered bonds.