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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
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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
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Poland’s MBank Hipoteczny has issued its fifth and sixth covered bond deals of the year which combined to form the largest ever issues denominated in Polish zloty. The deal will benefit from the new Polish covered bond law, which should be implemented in January 2015 and which is likely to offer a considerable rating uplift. That prospect boosted demand allowing the issuer to increase the deal size by more than double.
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The Monetary Authority of Singapore (MAS) has published feedback to a consultation on Basel III liquidity rules, in which it confirms that its interpretation of the rules will be closely in line with the original international proposals published in December 2010. Covered bonds are expected to be eligible for inclusion as a level 2A asset.
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Moody’s has said that a transfer of relatively risky assets from Crédit Foncier de France (CFF) to its parent BPCE is credit positive.