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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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Covered bond issuance in June was the strongest since 2011 and issuance over the year as a whole is in line to meet the €130bn forecast that Barclays research analysts made in December last year, the bank said on Thursday. UK, Canadian and Italian issuance may bolster supply over the second half of the year other bankers and analysts said.
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The Cover’s annual awards for the covered bond market will be held at the Garden Palais Lichtenstein in Vienna on the evening of September 25. The awards celebrate the most important achievements in our market — as decided by the market.
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With €70bn sold this year, covered bond issuance should trounce last year’s €98bn total. Better still, with several countries returning to the market and regulations likely to improve conditions, this year’s progress should be sustained for years to come.