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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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A recent European Central Bank working paper may have underestimated the part a sovereign’s credit plays in the covered bond’s credit risk. But this relationship plays a very important role, a Moody’s analyst said on Monday, referring to a report by the agency assessing how the pandemic will affect covered bond credit quality. -
Covered bond spreads have begun to stabilise with the help of European Central Bank secondary market purchases and a few bank investors. Although the market is still offered, secondary spreads are falling into line with where recent primary deals are trading. And, following the ECB’s decision to improve capital treatment of market risk, there are hopes bid side liquidity will improve.
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Having recently completed a series of investor meetings, and armed with an Aa1 rating from Moody's, Bluestep Bank will soon print the first Swedish covered bond secured on near-prime mortgages. The transaction emerges as aggressive quantitative easing by the Riksbank has resulted in a considerable tightening of covered bond spreads.
