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◆ Spreads tightened on both tranches ◆ Four Spanish covered bond issuers this year ◆ New issue concessions paid on both tranches, says banker
Analysts see covered bond issuance slowing to a more sedate pace from October through to the end of 2026
Volvo, Nykredit and Achmea Bank bring chunky euro FRNs, while Hong Kong dollar issuance continues apace
Data
Sub-sections
Sub-sections
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
Analysts see covered bond issuance slowing to a more sedate pace from October through to the end of 2026
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
More articles
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More from covered bonds
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With NIBC about to start its European roadshow for its conditional pass-through structured deal next week, investors are comfortable with it being called a covered bond, the Euromoney/ECBC European Covered Bond Congress heard on Thursday.
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Covered bonds are now a widely recognised global product but, in the face of bank deleveraging, the market has seen an unprecedented contraction. EuroWeek's Bill Thornhill spoke to Christian Reusch, global head of IG corporate origination and debt syndicate at UniCredit in Munich, about the outlook for supply, spreads, the impact of bank resolution regimes and prospects for pass-through structures — as well as the importance of reviving the ABS market.
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Italy’s Intesa Sanpaolo made a surprise return to the covered bond market on Thursday, launching a €750m five year deal. It has a penchant for bringing deals during the annual Euromoney Covered Bond Congress, having done the same last year. Despite the odd timing and a spread that eventually moved into double digit territory, the deal was priced at the tight end of the range.