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The single currency stands out as the most attractive funding source while the US dollar market remains open in size
Higher than normal levels of redemptions and the prospect of pre-funding could make the rest of 2026 busy for the primary market
Canadian issuers and investors like the idea of cheaper access to Europe's covered bond market but their European peers are less enthused about Canada
Data
Sub-sections
Sub-sections
Deal reviews
◆ Strong local demand shows eagerness to buy Aussie covereds at new, tighter levels ◆ RBC prices in line with CIBC's reopener of dormant sector ◆ Onshore demand seen supporting issuance up to five years
◆ RBC to follow compatriot CIBC with five year public deal ◆ Earlier trade 'corrected' scarce supply, achieving high oversubscription ◆ Both banks appear ahead of expected local regulatory changes to covered bond treatment
◆ 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
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
Asset class is about 5bp wider than at start of the year
Comments from regulators welcomed by ECBC head
After the busiest June since 2010, banks are well progressed in the covered funding programmes
Benchmark issuance is running 13% ahead of last year
More articles
More articles
More from covered bonds
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UniCredit Bank Austria (Baca) was set to issue its fastest growing, most subscribed covered bond ever on Tuesday and Sparebank 1 Boligkreditt was posed to bring ts most subscribed deal with its most granular order book ever. Both covered bonds were priced flat or slightly inside fair value and illustrated that market conditions are at the best they've been this year. -
There is still a fair chance of benchmark covered bond supply from central and eastern Europe this year, though it will be limited. Supply scarcity should support spreads alongside a fundamental improvement as all legal frameworks will be updated to bring them into line with the European Union’s covered bond directive.
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Caffil returned to the covered bond market on Monday to issue its fourth trade this year. Despite being its biggest deal in well over two years, it was well subscribed and was priced slightly inside fair value, implying that stretched valuations still have scope to tighten. At the same time UniCredit Austria mandated leads for a 15 year deal.
