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◆ Lead says shorter tranche demand lower than expected ◆ NIP paid at 'upper end' compared to recent deals ◆ Market slows for this year's Covered Bond Congress
Spuerkeess, Fairstone Bank of Canada and Evangelische Bank issued mandates for debut bonds
◆ Spreads tightened on both tranches ◆ Four Spanish covered bond issuers this year ◆ New issue concessions paid on both tranches, says banker
Data
Sub-sections
Sub-sections
Deal reviews
◆ Lead says shorter tranche demand lower than expected ◆ NIP paid at 'upper end' compared to recent deals ◆ Market slows for this year's Covered Bond Congress
◆ Only sub-benchmark covered deal in the market on Tuesday ◆ Issuer paid a 'healthy new issue concession', says banker ◆ Pfandbriefzentrale planning new Swiss franc note
◆ Tuesday's only benchmark covered deal ◆ ASN's second covered in six months ◆ Short-end of the curve is an 'investor sweet spot', says bank
◆ Leads picked three Achmea bonds as comps ◆ Dutch bank’s was one of two covereds on Monday ◆ Achmea’s was fourth Dutch covered this month
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
Analysts see covered bond issuance slowing to a more sedate pace from October through to the end of 2026
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Asset class is about 5bp wider than at start of the year
Comments from regulators welcomed by ECBC head
More articles
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More from covered bonds
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Royal Bank of Canada issued a tightly priced €1.25bn 10 year covered bond on Tuesday. While it only attracted just enough demand for it, the long tenor, investor diversification, cost of funding and deal size were positives for the borrower. -
Korea’s KEB Hana Bank attracted a €2bn order book for its €500m debut covered bond on Tuesday, boosting hopes for an improvement in the secondary market performance of similar deals from South Korea that offer outsized spread pickups.
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Even though technical factors are highly supportive for covered bonds, traders say they are unwilling to lift offers, reflecting increased anxiety about limited performance potential and an underlying concern that credit market sentiment is less sure-footed that at the start of this year.
