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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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Some bank treasury teams are weighing up whether to access the primary market ahead of first quarter results, with bankers suggesting they could take advantage of growing demand amid falling supply. -
Mortgage payment holidays and falling residential and commercial real estate prices will likely lead to a deterioration in the credit quality of the collateral pools securing covered bonds. But those programmes have other protective measures that will keep investors well insulated. And, if they need more protection, issuers can easily assuage their and rating agency concerns by adding collateral.
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Canadian banks should be applauded for funding themselves in public with deals bought by real investors in a range of currencies at actual market clearing levels — astonishing though that may be for the many entitled European issuers that have shamelessly become accustomed to central bank funding.
