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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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The covered bond market got off to a restrained start on Monday with syndicate bankers noting that some borrowers were looking at possible issuance this week, with a view to taking advantage of strong credit market conditions ahead of the summer break. Meanwhile, Goldman is on the road from Wednesday with its controversial hybrid FIGSCO issue.
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Banks that have held a leading market share of the covered bond business are also dominant across all liquid fixed income markets. Being German helps, but those institutions that offer genuine added value in terms of trading and advisory services have performed consistently well. Bill Thornhill examines the driving forces between the winners and losers in covered bonds.
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Goldman Sachs is selling a bond backed by a wide variety other assets, but fusing it with covered bond technology in a product that aims to put distance between it and the tainted collateralised debt obligations of the pre-crisis era. Investors in the triple A product will have recourse to a pool of fixed income assets that are valued and resized daily, as well as a claim on Goldman and Mitsui Sumitomo Insurance Group. The structure, which offers Goldman a way to fund its long term assets, could potentially be used by other banks that don’t originate consumer assets.