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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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Wüstenrot Bausparkasse attracted exceptionally strong demand for its seven year Pfandbrief launched on Tuesday, causing the issuer to increase the deal’s size from an originally planned sub-benchmark size to benchmark. In so doing it further improved the scale and quality of the order book reflecting improved regulatory treatment and index inclusion for the deal. -
Secondary covered bond market turnover has fallen since the European Central Bank's Covered Bond Purchase Programme (CBPP3) began, with the ECB accounting for an unprecedented proportion of overall turnover, according to a report published in the European Covered Bond Council’s fact book, published last Friday.
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The European Central Bank's Isabel Vansteenkiste welcomed a proposal for green Targeted Longer-Term Refinancing Operations (TLTROs) on Monday, but talked through what she saw as some concerns with the idea.
