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◆ Canadian issuer landed first covered since October ◆ Issuer fixed the spread at the start of execution ◆ Banker said there is decent liquidity in dollar covered bonds
Issuers are waiting for the volatility caused by the escalation of the war in the Middle East to normalise, bankers have said
◆ 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
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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Newly released data compiled by the European Covered Bond Council (ECBC) underscores the robust growth of the covered bond market, with volumes rising to €2.7tr globally over 34 countries. Volumes will have exploded again this year due to the scale of retained issuance that’s been used for central bank funding. -
A surge in repo-eligible issuance and deteriorating credit outlook for the retail and hotel commercial mortgage segments that secure some cover pools has pummelled the Pfandbrief market. This has been compounded by a lack of transparency leading to "an uneasy feeling" and ‘some uncertainty’ said bankers.
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The European Commission has reached out to the European Covered Bond Council (ECBC) to make the case for reinvigorating the market for European Secured Notes. ESNs could improve access to crucial funding for Europe’s small and medium-sized enterprises (SMEs), which are struggling to recover following lockdowns imposed to contain the spread of Covid-19.
