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The covered bond market gathered in Seville to celebrate the deals, institutions and individuals that have made their mark over the past year
Corporates and banks add scale to recent FRN run in euros and dollars
Panel of experts in Seville praised the directive, but would welcome 'a bit of regulatory stability'
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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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Bankia bought back a much higher than expected €1.2bn of its covered bonds in a liability management exercise this week, paying a decent premium. The high tender prices helped lift the market, which was also boosted by the redemption of over €5bn of Cédulas on Thursday.
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Core covered bond issuers have become used to bringing deals flat or even through their secondary curves. But Stadshypotek’s struggle to price a benchmark in the single digits this week offers a lesson in the dangers of complacency, said covered bond bankers. It also signals the end of core spread contraction and the return of new issue premiums.
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The rating of swaps in covered bonds has become increasingly inefficient and expensive for issuers as rating agency methodologies have tightened in the last few years. In response to the stricter swap criteria that are now in place, bankers have been discussing draft proposals and told EuroWeek that the talks could help to clear a big source of rating uncertainty for the senior secured product.