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◆ Large demand for all tranches, including rare FRN ◆ Despite flat swap curve long end 'flies' ◆ Higher yields a boon for investors
◆ Latest non-eurozone banks to print in dollar ◆ Competitive pricing available versus sterling and euros ◆ Lloyds chooses 'cheaper' three year tenor as NAB goes for a five year
◆ Issuer slings third Singaporean covered of the week into the market ◆ Pricing tight to secondaries ◆ Sterling covered volumes boom thanks to offshore funders
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Deal reviews
◆ Large demand for all tranches, including rare FRN ◆ Despite flat swap curve long end 'flies' ◆ Higher yields a boon for investors
◆ Latest non-eurozone banks to print in dollar ◆ Competitive pricing available versus sterling and euros ◆ Lloyds chooses 'cheaper' three year tenor as NAB goes for a five year
◆ Issuer slings third Singaporean covered of the week into the market ◆ Pricing tight to secondaries ◆ Sterling covered volumes boom thanks to offshore funders
◆ Strong market conditions for the asset class ◆ New issue premium debated with pricing in reach of fair value ◆ Largest BNZ covered bond since at least 2023
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
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
Benchmark issuance is running 13% ahead of last year
More articles
More articles
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◆ UK lender takes £500m ◆ Deal land single digits back of recent supply ◆ No-grow size supported demand -
From elections to equivalence, it has been an interesting year for the euro covered bond market. As the European Central Bank has fully left the market, covered funders have needed to unearth new — and returning — pockets of demand. In early August, GlobalCapital virtually convened a panel of issuers, investors and intermediaries to discuss what shaped euro covered bond issuance this year, and what is in store for 2025
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Euro covered bonds are becoming an increasingly global product. Offshore issuance is on the rise as banks — and investors — look to diversify their portfolios, writes Frank Jackman
