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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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More from covered bonds
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The race is on to issue the second legally compliant covered bond from New Zealand after the Reserve Bank of New Zealand signed off the covered bond programmes of ASB Bank, ANZ New Zealand, Bank of New Zealand and Kiwibank under the new law on Friday. The borrowers will be looking to emulate the success of Westpac New Zealand, which got a fantastic reception for its legally compliant debut in June. -
European covered bonds have been relatively stable in the secondary market this week, though second tier banks in the periphery widened marginally on light selling on Friday, with Banca Monte dei Paschi di Siena leading the way after posting a higher than expected loss. The move is likely to be short-lived provided the geopolitical backdrop does not worsen.
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Issuers expect that covered bond issuance after the summer break will be front-loaded, with a busy September likely to be followed by a quiet fourth quarter.
