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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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Appetite for risk in the covered bond market has risen markedly over the last two years, according to a survey of the 180 German investors who attended NordLB’s global capital markets conference on July 17. (This article has one comment) -
Toronto Dominion’s first legally compliant covered bond stormed the market on Monday morning, raising €1.75bn — €750m more than any of the other five Canadian euro covered bond benchmarks that have been launched this year, and the joint largest euro deal of the year.
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Pimco, after staying clear of Portuguese bank or sovereign debt for five years, was in Lisbon at the end of last week to investigate opportunities in the troubled country generated by the ongoing Banco Espirito Santo (BES) debacle. The meetings came as several sellside research analysts tipped Portuguese covered bonds as a good relative value opportunity versus periphery peers.
