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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'
Data
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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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Fitch placed the AA+ rated mortgage covered bonds of SNS Bank on Rating Watch Evolving (RWE) on Wednesday, a few days after Moody’s had downgraded them from Aa2 to A1. Despite this, the bonds rallied 40bp, underscoring investors’ belief that their rights are well protected.
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The senior unsecured funding market faces the threat of bail-in rules being brought forward following comments from the European Central Bank vice president last week. But early implementation may provide a boost to covered bond supply as senior unsecured spreads widen.
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Korea Housing Finance Corp has broken the covered bond supply drought, mandating leads for its first dollar benchmark since 2011. The deal is set to come in February, following a roadshow, ahead of Korea’s plans to introduce a new covered bond law later this year.
