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◆ Issuer's largest covered deal at its tightest spread ◆ Banker said Korean lender is ‘well-liked’ by investors ◆ Pricing seen at fair value despite 'scarce liquidity' in secondary curve
◆ Italian bank placed bond after tightening 7bp ◆ Banker said paucity of Italian covereds helped ◆ Covered market has slowed despite strong performance
◆ German bank pays small new issue premium ◆ Issuer could have tightened further, banker says ◆ Deal latest in raft of public sector covereds this year
Data
Sub-sections
Sub-sections
Deal reviews
◆ Norwegian bank increases size ◆ Issuer meets spread objective ◆ Banker said he drew confidence from secondaries
◆ Italian bank landed price and size with latest offering ◆ Deal was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’
◆ New Zealand bank tightened spread close to FV ◆ Bond more than three times subscribed ◆ Banker said spread struck a fair balance
◆ Icelandic bank 'happy' with balance between spread and order book ◆ Treasurer noted importance of Aa1 rating ◆ New bond refinances 2021 issue
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
Specialist investors and strong names dominate as issuers stretch out to 15 years
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
More articles
More articles
More from covered bonds
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How to respond to climate change and environmental sustainability were “of central importance” in the European Central Bank’s review of its monetary policy framework, the ECB said on Thursday as it published the results of the long-awaited review. It has designed a detailed roadmap for incorporating climate considerations across its monetary policy activities, including corporate bond purchases — but environmentalists are likely to be disappointed with the slow pace of reform. -
Muenchener Hypothekenbank took the unusual decision of stretching execution over two days for its fixed rate sterling Pfandbrief, the first to be issued this year. The measured approach paid off with the issuer managing to tighten the spread by 3bp and achieve a larger than expected size.
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DZ Hyp pulled in a solid order book for its €750m no-grow Pfandbrief that was almost positive yielding. Demand for Credit Mutuel CIC’s more negative yielding seven year was much slower to grow and smaller, making execution less certain.
