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◆ Issuer tightens by 7bp during execution ◆ Covered was first from issuer since September ◆ Aareal had market to itself on Friday
Two recent covered bonds from new issuers offer insight into accessing asset class
◆ Spread tightened by 5bp ◆ Banker put fair value just inside 58bp ◆ Canadian banks continue strong start to year in covereds
Data
Sub-sections
Sub-sections
Deal reviews
◆ Spread tightened by 5bp ◆ Banker put fair value just inside 58bp ◆ Canadian banks continue strong start to year in covereds
◆ BayernLB lands covered at 23bp over mid-swaps ◆ Banker says deal landed at fair value ◆ PBB achieves 'blow-out deal'
◆ Covered was first from issuer since January 2023 Spread chosen to retain quality of order book ◆ Pipeline update
◆ Issuer had market to itself on Tuesday ◆ Deal landed covered just outside fair value ◆ Issuer's first covered bond since October
Opinion
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
◆ Why buy bonds when spreads are so tight ◆ Using tech to unearth new economic signals ◆ Playing the shifting relative value pitch
Analysis
Unsecured bonds could become more expensive to issue, covered bonds cheaper
The euro covered bond market shook off a volatile end to 2024 to rebound with a raft of exceptionally popular deals in 2025. Investors appeared eager to pile into euro covered bond books this year, propelling bid-to-cover ratios upwards and new issue premium downwards, writes Frank Jackman
Covered bond funders will have to weave their way through tight senior unsecured and wide SSA spreads in 2026 if they are to refinance the wave of redemptions that awaits them. One big question for the year ahead, discovers Frank Jackman, is whether issuers will be tempted to pay up for duration
Implementation could push covered spreads closer to govvies and SSAs
More articles
More articles
More from covered bonds
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◆ Bank placed bond at 68bp over mid-swaps after large tightening◆ Banker said bond priced inside Israeli sovereign ◆ Issue offered ‘savings versus seniors’ -
◆ Canadian bank lands €1bn after 'satisfactory' spread tightening ◆ Busy day for covered market ◆ €1bn priced but could have been bigger
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◆ Austrian bank's first covered in nearly two years ◆ Both tranches offered 5bp of NIP says banker ◆ Modest 3bp tightening reflects 'normalisation' of covered market
