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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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Santander and Deutsche Bank in Spain have structured the first Cédulas deals to be issued under the Cédulas de Internacionalización legal framework designed to finance export finance loans. The deals are likely to be retained for central bank repo purposes and emerge amid a huge expansion in retained covered bond volumes after the European Central Bank recently cut repo valuation haircuts. -
Royal Bank of Canada on Wednesday became the fourth Canadian bank to issue an Australian dollar covered bond in April, pricing considerably tighter than its compatriots and in the largest size yet. The success the Canadians have enjoyed in Kangaroos is in stark contrast to a sterile sterling market.
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The private placement market has provided a valuable source of funding in both covered bond and senior unsecured format, German issuers told GlobalCapital on Monday in the wake of a Moody’s report that highlighted the limited use of Pfandbrief for funding commercial lending.
