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◆ Only sub-benchmark covered deal in the market on Tuesday ◆ Issuer paid a 'healthy new issue concession', says banker ◆ Pfandbriefzentrale planning new Swiss franc note
◆ Tuesday's only benchmark covered deal ◆ ASN's second covered in six months ◆ Short-end of the curve is an 'investor sweet spot', says bank
◆ Korean covered was one of two new issues on Monday ◆ Third Korean covered bonds in three weeks ◆ Leads chose only two deals as comparables
Data
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Deal reviews
◆ Only sub-benchmark covered deal in the market on Tuesday ◆ Issuer paid a 'healthy new issue concession', says banker ◆ Pfandbriefzentrale planning new Swiss franc note
◆ Tuesday's only benchmark covered deal ◆ ASN's second covered in six months ◆ Short-end of the curve is an 'investor sweet spot', says bank
◆ Leads picked three Achmea bonds as comps ◆ Dutch bank’s was one of two covereds on Monday ◆ Achmea’s was fourth Dutch covered this month
◆ Issuer chose larger order size ◆ Strong supply of five year covereds cited ◆ Seventh German covered in three weeks
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
More articles
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More from covered bonds
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Fitch’s covered bond rating methodology, which was altered this week, may be construed as too harsh. Fitch favours systemically important banks, but Crédit Agricole notes that this is to the exclusion of smaller banks that issue covered bonds which have also benefitted from public support. Fitch favours six countries that issue a lot of covered bonds, but the analysts argue this number is too low.
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Moody’s has become the second of the big rating agencies to overhaul its covered bond rating schema. It has given 15 European programmes a one notch upgrade, while nine are on review for upgrade and three downgrade reviews have been scrapped. -
Bail-in rules that affect covered bonds are set to be tightened up to give investors more explicit protection in the event of a bank resolution, a banker told The Cover on Thursday. The new draft of the rules makes it clear that EU member states must ensure the banks have enough assets to ensure full and timely payment, even if this is above the minimum stipulated under national law.
