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◆ 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
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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
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AIB Mortgage Bank was the first issuer to postpone a covered bond this year, as conditions in the wider credit market deteriorated. The decision follows a string of other deferred deals in the senior unsecured and SSA space. With spreads historically tight and yields at record lows, investors would rather wait until there is more visibility on a potential sovereign quantitative easing before buying covered bonds, and especially those that trade through their government.
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Daniel Loughney, covered bond portfolio manager at Alliance Bernstein in London, speaks to The Cover about the outlook for covered bonds.
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Cariparma, the eighth largest Italian bank, which is 76.5% owned by Crédit Agricole, will go on the road this week to market its inaugural A2-rated covered bond. Though market conditions are not constructive, recent issuance, which has been placed with high quality investors, has traded more stably than the rest of the market, suggesting success could be within reach.
