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Shrinking spreads between the two asset classes have left investors asking if the risk of senior debt is worth it
◆ Thursday's only covered deal, possibly February's last ◆ French issuer likes dual tranche format ◆ 'Disconnect' between primary and secondary markets apparent, says banker
◆ 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
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
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