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◆ Canadian issuer filled nearly all its orders ◆ TD got 'fantastic' book ◆ SpareBank 1's first covered deal since August
◆ Bankers benchmarked trade against recent Canadian deals ◆ Issuer paid ‘couple of basis points” of NIP ◆ Latest in a series of sterling covered deals
◆ Bankers pleased with first dollar deal in six months ◆ Price discovery was a challenge say bankers ◆ Deal described as more solid than some recent sterling deals
Data
Sub-sections
Sub-sections
Deal reviews
◆ Canadian bank last issued covered paper in January ◆ Lead managers picked only one comp ◆ BNS has large covered redeeming on Monday
◆ Banker said deal offered little new issue premium ◆ Euro transaction on Tuesday triggered the deal ◆ Lloyds' last sterling covered was issued in October 2025
First new covered bond since the end of February ◆ Deal shows investor preference for short-dated paper – RBC ◆ Issuer benefits from minimal exposure to Middle East, says banker
◆ Norwegian bank increases size ◆ Issuer meets spread objective ◆ Banker said he drew confidence from secondaries
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
Underlying concerns among investors and issuers about covered bonds force them to the sidelines
Market participants agree new issue premiums will go up when the Iran war ends, but not by how much
Specialist investors and strong names dominate as issuers stretch out to 15 years
Unsecured bonds could become more expensive to issue, covered bonds cheaper
More articles
More articles
More from covered bonds
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The Pfandbrief market is in the middle of a tumultuous year which includes not only the adoption of the EU's Covered Bond Directive but also digesting the bloc's Taxonomy for Sustainable Activities. Of course, this is all happening against the backdrop of the coronavirus pandemic and lockdowns, which have hit the commercial real estate market that underpins much of the product. Jens Tolckmitt, chief executive of the Association of German Pfandbriefbanks (vdp), spoke to GlobalCapital about how the market has coped. -
Recent trades have demonstrated just how sublime primary market conditions are for covered bond issuers, stoking a revival of the previously dormant sector.
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DNB Boligkreditt took advantage of strong market conditions to mandate leads for its second covered bond of the year on Tuesday.
