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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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BNP Paribas has named two senior executives to drive its fixed income business in Germany, as part of its decision six months ago to upgrade Germany to one of its domestic markets, alongside France, Belgium, Luxembourg and Italy. -
The cover pool backing Goldman Sachs’ fixed income global structured covered obligation (Figsco) programme is too weak to secure a rating uplift to the issuer of the underlying special purpose vehicle — Goldman Sachs Mitsui Marine Derivatives Products (GSMMDP), the joint venture guaranteed by Goldman Sachs and Mitsui Sumitomo Insurance, Fitch said on Monday.
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A US covered bond legal framework may soon be back on the political agenda. A speech by Jacob Lew, US Treasury secretary, last week has caught the attention of market participants, who hope a covered bond bill may be detached from reform of the US government-sponsored enterprises, Fannie Mae and Freddie Mac.
