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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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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 Australian market for covered bonds has seen the fastest growth of any jurisdiction over recent years, said Deutsche Bank’s research team on Thursday. This extraordinary growth may reflect the regional banking system's dependency on wholesale funding. But Moody’s was constructive on the covered bond market in a report published on Wednesday, and with bonds likely to become eligible for European bank liquidity buffers, spreads are expected to tighten. -
Covered bond bankers are increasingly fielding calls from mainly German banks who want to know whether their covered bond investments are compliant with Article 129 of the Capital Requirements Directive (CRD). The process has become more challenging recently because the European Central Bank will no longer provide this information.
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Covered bond issuance after the summer break is expected to be front-loaded, with a busy September likely to be followed by a quiet fourth quarter, a major covered bond issuer told The Cover on Wednesday. Nearly €80bn has been issued this year and a further €50bn could follow.
