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◆ Issuance plans were disrupted by war in the Middle East ◆ Spread tightened by 4bp ◆ NIBC is going to be acquired by ABN Amro
◆ Issuer's first in almost a year ◆ Issuer opts for no-grow deal ◆ Investors show greater price despite stronger market on Monday
◆ British building society landed first 10 year since before the war ◆ Pipeline expected to be slow from now ◆ Investors will watch secondaries for performance says lead
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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Axa Home Loan SFH issued the only covered bond of the week on Wednesday, when it surfaced with a €250m tap of an old 15 year deal. The transaction underscores the impression that a flood of retained issuance used for central bank funding is negative for distributed supply. Yet, there is still hope that the situation will improve in the second half of the year. -
A transition of the Spanish covered bond regime should be done in one fell swoop akin to a "big bang", argued delegates at GlobalCapital's virtual covered bond roadshow on Tuesday.
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Tagging assets to liabilities is a critical exercise for covered bond issuers, particularly when it comes to their ESG paper. Start-up mortgage lender Perenna is working with Tao Solutions to create a verifiable audit trail with technology that automatically matches green covered bonds to the appropriate mortgage loans.
