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The French Budget in October and US mid-term elections in November could be times for covered bond issuers to avoid
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
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
More articles
More articles
More from covered bonds
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Increased consumer spending leading to a fall in deposits would provide the catalyst for higher covered bond issuance, according to one European bank's head of funding. But only if the credit curve steepens and senior debt grows more expensive to raise relative to covered bond funding. -
UniCredit’s German subsidiary, HVB, is expected to open order books for a 10 year benchmark on Tuesday. With swap yields currently just positive, the deal has a slim chance of offering a positive return.
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Bankers do not expect to a resurgence of primary covered bond supply in March with banks expected to focus on regulatory issuance. ECB covered bond purchase data was due on Monday afternoon, with market participants eager to see if the central bank increased its buying to contain the recent rise in yields at the long end of the curve.
