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◆ BMO cranks in pricing ◆ ‘It’s an issuers’ market,’ says banker ◆ First covered bond from issuer since 2023
◆ Car leasing firm prices dual tranche deal at and just outside fair value ◆ Covered placed Sfr300m, up from Sfr 200m ◆ Third Swiss franc deal of 2026 after UBS and CIBC
◆ Boligkreditt lands deal at tightest spread in euros so far this year◆ Spread was at or very close to fair value ◆ Investors liked DNB’s ‘strong pool of high quality Norwegian assets’
Data
Sub-sections
Sub-sections
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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Deal came flat to recent Pfandbriefe and offered a negative concession
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◆ Slightly positive overall mood in markets on Monday ◆ Biden dropping out has no immediate impact but volatility may come later ◆ Potential issuers monitoring Monday's market moves
