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Panel of experts in Seville praised the directive, but would welcome 'a bit of regulatory stability'
◆ Lead says shorter tranche demand lower than expected ◆ NIP paid at 'upper end' compared to recent deals ◆ Market slows for this year's Covered Bond Congress
Spuerkeess, Fairstone Bank of Canada and Evangelische Bank issued mandates for debut bonds
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Deal reviews
Panel of experts in Seville praised the directive, but would welcome 'a bit of regulatory stability'
◆ Lead says shorter tranche demand lower than expected ◆ NIP paid at 'upper end' compared to recent deals ◆ Market slows for this year's Covered Bond Congress
◆ 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
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
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More from covered bonds
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Covered bond issuance over the first half of this year was the lowest since 2009, according to Barclays’ research. But the outlook should improve as new regulations take effect and make unsecured funding more expensive relative to covered bonds.
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Canadian banks are set to bring new covered bonds after US and Canadian regulators cleared the way for three issuers on Wednesday. The covered bond programmes of Canadian Imperial Bank of Commerce (CIBC) and Royal Bank of Canada (RBC) have been activated by the Canadian Mortgage and Housing Corporation (CMHC). Separately, Bank of Montreal has moved a step closer to SEC registration.
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Moody's looks set to downgrade a swathe of Multi-Cédulas to junk, after lowering the covered bond ratings of three Spanish banks on Wednesday. The move followed downgrades of the banks on Tuesday evening. The decision could spark forced selling. But the bonds concerned are considered money good and an acquisition by a stronger credit before the end of the year could eventually mean some are upgraded again.