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◆ Spread fixed early at 53bp over Sofr ◆ Priced in line with ANZ’s dollar trade on Monday ◆ BMO has been a pioneer in covered issuance this year
Issuance was packed into the first half of the week ahead of a heavy central bank policy meeting schedule
European Central Bank's more 'balanced' tone may offer reprieve for bond execution
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
Shrinking books 'nothing to complain about' as market values quality not quantity
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
More articles
More articles
More from covered bonds
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Singapore could prove to be a rich seam of covered bond issuance next year, with bankers suggesting analysts’ expectations are far too pessimistic. Conversely, Australian issuance may prove to be disappointing. Meanwhile, potential new legal developments in Japan and Malaysia will provide a key focus of attention. -
Covered bond supply from the Netherlands is expected to lead the Benelux region next year, where a total combined issuance of €9bn is due to surfac,e based on the average of six forecasts.
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Covered bond issuance from France is likely to be the highest from any country next year, reflecting the sheer size of the market, high redemptions and banks' propensity to use covered bonds for market funding rather than for repo funding at the central bank.
