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◆ Spread fixed at start of execution ◆ RBC has issued four covered tranches this month ◆ Issuer’s last before this month was in January 2025
Changes to ECB collateral eligibility requirement could lead to more blockchain-based covered bonds, Moody's suggests
Come May, current dollar market's gain may turn into euro pipeline's pain
Data
Sub-sections
Sub-sections
Deal reviews
◆ Issuer tightens spread by 4bp ◆ Stronger opening on Wednesday paved way for covered ◆ Deal offered some new issue premium
◆ Bond the first EuGB covered ◆ Danish issuer tightens spread by 5bp ◆ Issue offers next to no concession
◆ 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
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
Changes to ECB collateral eligibility requirement could lead to more blockchain-based covered bonds, Moody's suggests
All three 2026 dollar covered bonds issued in past fortnight as issuers adapt to market conditions
Swiss franc covered bond from Kiwibank the only deal on Thursday after a similarly patchy week
Shrinking books 'nothing to complain about' as market values quality not quantity
More articles
More articles
More from covered bonds
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Restructured German ship lender, Hamburg Commercial Bank, has announced a tender offer for covered bonds on Wednesday. At the same time, Berlin Hyp (BHH) announced that it had bought almost €300m Pfandbrief in a recent tender which it plans to refinance with a longer dated deal. -
DZ Hyp managed to raise €1bn of eight year Pfandbrief funding flat to its curve on Wednesday. The deal contrasted with one from Axa Banque SFH, which paid a much larger premium for a €500m 15 year, possibly due to far higher French supply this year and confusion with Axa Banque Europe SCF, which has already entered the market four times this year.
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Recent events have neatly illustrated the fickle state of market sentiment and suggest that a broad spectrum of borrowers in the corporate and bank finance markets should not waste time in getting their most difficult or important deals done while the window remains open.
