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Barclays' director of covered bond strategy has questioned if the TSB covered programme will continue, be wound down or merged with Santander UK's
Issuance is running near record highs, while the autumn pipeline is expected to be busy
The last public covered bond before before the summer lull was issued earlier this year than in any of the last 15
Data
Sub-sections
Sub-sections
Deal reviews
◆ Strong local demand shows eagerness to buy Aussie covereds at new, tighter levels ◆ RBC prices in line with CIBC's reopener of dormant sector ◆ Onshore demand seen supporting issuance up to five years
◆ RBC to follow compatriot CIBC with five year public deal ◆ Earlier trade 'corrected' scarce supply, achieving high oversubscription ◆ Both banks appear ahead of expected local regulatory changes to covered bond treatment
◆ 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
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
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
Benchmark issuance is running 13% ahead of last year
More articles
More articles
More from covered bonds
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A draft amendment to the Hungarian covered bond regime, that brings it into line with the European Union's Covered Bond Directive, is likely to be a positive for the product's credit and should improve prospects for issuance in euros. -
Inflation fears are biting European markets just as investors seem to be losing confidence in the ECB's support of the market. The first bow waves of a European taper tantrum rocked rates this week as primary markets did their best to plough on. The European Union braved the volatility to land a colossal deal, while two covered bond issuers fared worse. Lewis McLellan and Bill Thornhill report.
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Covered bonds issued this week by United Overseas Bank and Raiffeisen-Landesbank Steiermark showed that, for the first time this year, sentiment has turned bearish and suggested that more careful consideration of pricing, timing and maturity is now required.
