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Four banks brought dual tranche covered bonds in two days this week, to avoid being squeezed in congested market
This year's cumulative total issuance by financial institutions outstrips 2025's levels
◆ Issuer chose larger order size ◆ Strong supply of five year covereds cited ◆ Seventh German covered in three weeks
Data
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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
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More from covered bonds
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Covered bonds are expected to tighten, as the fall in outright yields and expectations of lower supply boost sentiment. On Thursday, dealers reported decent buying of peripheral bonds, and specifically Irish deals which were buoyed on speculation that a sovereign rating upgrade was on the way.
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German Pfandbrief issuers have been obliged to publish loan to value (LTV) ratios for their cover pools in the wake of an amendment to the Pfandbrief Act. The ratios are low and give the impression of low risk but the idiosyncratic way they are calculated means the data is of limited use.
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German Pfandbrief issuers have been obliged to publish loan to value ratios for their cover pools from the second quarter, in the wake of an amendment to the Pfandbrief Act. Loan-to-value (LTV) levels are generally low by international standards, but such comparison would be misleading given German idiosyncrasies, said DZ Bank and Commerzbank analysts.