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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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Implementation of the liquidity coverage ratio (LCR) in Europe is set to be delayed by 10 months according to a leak last week of a draft European Commission document. The treatment of ABS in the LCR, seen by the industry as unfavourable compared to covered bonds, was not changed in the leaked draft, but the delay could provide time to hammer out the details of more equitable regulatory treatment, said bankers on Monday. -
Implementation of the liquidity coverage ratio (LCR) is set to be delayed by 10 months according to a draft document from European Commission (EC) leaked last week. The leaked draft contained good news for covered bonds, but did not improve the position of ABS, which the European Central Bank and Bank of England will want to see changed, said bankers on Monday.
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Moody’s upgrade of Portugal last Friday bodes well for the prospective upgrade of the covered bonds issued by Santander Totta, said analysts on Monday. It should also help to limit covered bond contagion spreading to other lenders, in the event of further negative headlines emerging related to the troubled Portuguese lender, Banco Espirito Santo (BES).
