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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
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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While European banks have been ducking the covered bond market in favour of central bank liquidity, issuance from the asset class’s newer markets has also been light, but for different reasons. Attention is now on South Korea and Japan, which are seen as the most promising sources of new issuance, according to a senior S&P ratings official. -
In the first week of March 2020, the Covid-19 news was already hammering the markets and volatility, as measured by VIX, was almost at levels not seen since 2008. Although the VIX reached 28.57 last week, that figure was only around half the value it was this time last year. With the pandemic still going on Primary Market Monitor takes a look at what has changed in bond execution dynamics since then.
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Oldenburgisch Landesbank priced its debut publicly distributed mortgage Pfandbrief on Tuesday, attracting enough demand to ensure the deal size was increased to the top end of the expected range, even as the spread was tightened. But a deterioration in market conditions was blamed for its low subscription ratio.
