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Asset managers and hedge funds are set to continue buying covered bonds because of their yields which are averaging around 3%
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
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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More from covered bonds
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Investors in Europe's high grade corporate bond market became increasingly selective last week. Average new issue premium shot up to almost 11bp from minus 2bp the week before. The move gave some insight as to which sectors of the economy investors see the pandemic recovery taking place in. -
BPCE re-established confidence in the primary covered bond market with a successful €1.5bn nine year green transaction on Tuesday, opening the way for other issuers planning deals.
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There was strong buying interest in recent long dated bonds from the EU on Monday, said traders, as well as those of semi-core European sovereigns. That is expected to continue this week as hedge funds circle the EU's most recent bond.
