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Issuance is running near record highs, while the autumn pipeline is expected to be busy
The last public covered bond before before the summer lull was issued earlier this year than in any of the last 15
Investors welcome chance to diversify portfolios
Data
Sub-sections
Sub-sections
Deal reviews
◆ Strong local demand shows eagerness to buy Aussie covereds at new, tighter levels ◆ RBC prices in line with CIBC's reopener of dormant sector ◆ Onshore demand seen supporting issuance up to five years
◆ RBC to follow compatriot CIBC with five year public deal ◆ Earlier trade 'corrected' scarce supply, achieving high oversubscription ◆ Both banks appear ahead of expected local regulatory changes to covered bond treatment
◆ Second public sterling covered bond secured against BTL mortgages ◆ Spread gap compressed versus prime covered bond peers ◆ Small premium paid
British bank picks four leads to run its second public sterling BTL mortgage covered bond
Opinion
Covered bond issuers have been reluctant to issue on the same day as a central bank announcement, but this is starting to change
The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
If it looks like a covered bond, acts like a covered bond and prices like a covered bond, then it probably should be treated like one
Easily dismissed as "fast money" with all the negative implications that can bring in the primary bond market, hedge funds are becoming increasingly important to covered bond issuers
Analysis
Asset class is about 5bp wider than at start of the year
Comments from regulators welcomed by ECBC head
After the busiest June since 2010, banks are well progressed in the covered funding programmes
Benchmark issuance is running 13% ahead of last year
More articles
More articles
More from covered bonds
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Commonwealth Bank of Australia (CBA) has returned to the long end of the covered bond market sell its first private placements in the format since 2019. -
The spread outlook for covered bonds is likely to remain positive over the summer period, said traders, even though yields are negative. The main risks to that prognosis are likely to emanate from the possible course of inflation.
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Covered bond investor demand has suffered over the past few months with the onset of competing supply from the EU in the SSA market. Despite that, investors have been broadly optimistic on the outlook, particularly in intermediate maturities.
