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◆ NAB executed at 30bp over mid-swaps threshold ◆ Banker said deal was 'in line with what was expected' ◆ Leads chose three Canadian covereds as comps
◆ 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
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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Tuesday’s deals from UOB and Raiffeisen-Landesbank Steiermark provided a wake-up call to the covered bond market that showed, no matter how strong the technical factors keeping pricing tight, it is not insulated from the rates market. A readjustment at the ultra-long end of the curve was overdue, said bankers, and they expect issuers to print shorter deals from now on. -
Volatility, partly induced by inflation fears, has been upsetting rates and equities markets, but data recorded by GlobalCapital suggests that the primary market has remained resilient, despite sharp moves government bond markets.
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United Overseas Bank managed to extend its curve with €750m of eight year funding in the covered bond market on Tuesday at levels were well inside its previous blowout deal issued in November. However, bankers off the mandate gave the deal mixed reviews.
