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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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BNP Paribas syndicate dismissed talk on Wednesday of untoward motives around its role as sole lead in the inaugural deal issued by Banca Popolare di Sondrio on Tuesday. The market’s approach to syndication is overly formulaic, it said. (This article has one comment)
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RBS announced several proposals related to the swap triggers in its covered bond programme after being downgraded by Moody’s. The plans, which will be subject to an investor vote, will allow RBS to remain the swap counterparty and thereby help it to avoid the higher cost of employing an alternative swap provider as was envisaged under the original swap agreement.
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Banca Popolare di Sondrio surprised the market on Tuesday, announcing and pricing its inaugural Obbligazioni Bancarie Garantite via sole lead BNP Paribas. The newcomer which is a slightly larger institution than its more established covered bond peer, Credito Emiliano, offered a deal with a substantial spread pick up enticing a broad swathe of investors. (This article has one comment)