Top section
Top section
Most recent
Four banks brought dual tranche covered bonds in two days this week, to avoid being squeezed in congested market
This year's cumulative total issuance by financial institutions outstrips 2025's levels
◆ Issuer chose larger order size ◆ Strong supply of five year covereds cited ◆ Seventh German covered in three weeks
Data
Sub-sections
Sub-sections
Deal reviews
◆ Issuer chose larger order size ◆ Strong supply of five year covereds cited ◆ Seventh German covered in three weeks
◆ Banker said bonds offered no new issue concession ◆ Shinhan’s was one of six covered bonds on Monday ◆ Deal was fifth Korean covered this year
◆ Rare five year tenor ◆ Competitive pricing versus dollars and euros ◆ Sixth sterling covered from Canada this year
Issuance may relent next week but the pipeline for the rest of the year is uncertain, say experts
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
Covered market provides 'the deepest pocket of demand' among FIG asset classes
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
More articles
More articles
More from covered bonds
-
Canadian Imperial Bank of Commerce achieved a roaring success with its $2bn five year 144A deal priced on Wednesday, the first from a Canadian bank in over a year. CIBC managed to achieve a size and spread that would not have been possible in euros and showed the importance of paying attention to key currency markets outside Europe. -
Credito Emiliano managed to attract a robust order book for its €750m seven year covered bond that was sold on Wednesday, following an extended marketing period that enabled price discovery. At the same time Coventry Building Society mandated leads for only the second UK covered bond in euros to be issued this year.
-
Following the pricing of Tuesday’s deal from the European Union, bank traders reported good profit taking in covered bonds, Laender paper and, most conspicuously the previous issue of EU bonds. Despite that, spreads were steady.
