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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
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More from covered bonds
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Primary covered bond issuance is expected to resume next week when Thursday’s European Central Bank meeting and Friday’s non-farm payroll data will be known. In the meantime, bankers bemoaned the distortive pricing impact of the ECB’s purchase programme, which is expected to lose momentum unless it takes a greater slice of the market.
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BNP Paribas became the first issuer to print a French sub-Euribor ten year on Tuesday, hot on the heels of Monday’s sub-Euribor seven year from CFF. Europe’s second largest bank skipped initial price thoughts on the triple-A deal and had the syndication wrapped up by 10:30 CET.
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On Tuesday Unione di Banche Italiane (UBI Banca) priced a €1bn ten year deal a full 10bp through where its outstanding ten year print from January was trading the previous day. The spread came sharply tighter through the execution process, helped by an early order from the ECB.