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Covered issuance 'more or less done for now,' analysts say
Covered bonds performed despite geopolitical shocks in early 2026 and will continue to do so for the rest of the year, Rabobank has suggested
New issue premiums have remained around 2bp despite five deals in the past two weeks compared with 12 in the previous two weeks
Data
Sub-sections
Sub-sections
Deal reviews
◆ 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
◆ Canadian issuer tightened spread by 2bp ◆ Bank's seventh tranche of covereds of 2026 ◆ BMO has placed dollar euro and sterling covereds since January
◆ First covered bond of 12 years or longer since the bank issued in January ◆ Banker ‘positively surprised’ with size ◆ Premium paid
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
After the busiest June since 2010, banks are well progressed in the covered funding programmes
Benchmark issuance is running 13% ahead of last year
Burst of deals this year in uneven market suggests investors want alternatives to Treasuries
Central and Eastern Europe earmarked as an area of growth by market participants
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Ahead of what is expected to be a long, dry summer in the primary covered bond market, Korean Housing Finance Corporation (KHFC) and Caffil were out on Wednesday with €1bn new issues.
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Since Friday last week the European Central Bank has stepped up asset purchases under its Pandemic Emergency Purchase Programme, giving secondary markets in rates products renewed vigour, said traders on Tuesday.
