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High market and geopolitical volatility prompt issuers to slow primary issuance plans
◆ €1.5bn covered is ING's first of 2026 ◆ 5bp of concession ◆ 'Sweet spot' tenor
◆ Spread fixed at start of execution ◆ RBC has issued four covered tranches this month ◆ Issuer’s last before this month was in January 2025
Data
Sub-sections
Sub-sections
Deal reviews
◆ €1.5bn covered is ING's first of 2026 ◆ 5bp of concession ◆ 'Sweet spot' tenor
◆ Issuer tightens spread by 4bp ◆ Stronger opening on Wednesday paved way for covered ◆ Deal offered some new issue premium
◆ Bond the first EuGB covered ◆ Danish issuer tightens spread by 5bp ◆ Issue offers next to no concession
◆ Canadian bank last issued covered paper in January ◆ Lead managers picked only one comp ◆ BNS has large covered redeeming on Monday
Opinion
The preference for a diverse group of lead managers and the convention of reciprocity keep covered bond bookrunning competitive despite concentration so far this year
Rate increases could be closer than you think
Equalising risk weightings of covered bonds and resilient STS securitizations at 5% is sound
Bank's head of DCM and syndicate chief talk bond market expansion plans
Analysis
Changes to ECB collateral eligibility requirement could lead to more blockchain-based covered bonds, Moody's suggests
All three 2026 dollar covered bonds issued in past fortnight as issuers adapt to market conditions
Swiss franc covered bond from Kiwibank the only deal on Thursday after a patchy week
Shrinking books 'nothing to complain about' as market values quality not quantity
More articles
More articles
More from covered bonds
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◆ BMO cranks in pricing ◆ ‘It’s an issuers’ market,’ says banker ◆ First covered bond from issuer since 2023 -
◆ Car leasing firm prices dual tranche deal at and just outside fair value ◆ Covered placed Sfr300m, up from Sfr 200m ◆ Third Swiss franc deal of 2026 after UBS and CIBC
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◆ Boligkreditt lands deal at tightest spread in euros so far this year◆ Spread was at or very close to fair value ◆ Investors liked DNB’s ‘strong pool of high quality Norwegian assets’
