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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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Crédit Agricole and Crédit Mutuel CIC attracted solid demand for their five year covered bonds this week. Although they were among the largest deals seen so far this year, supply is down, and with spreads still elevated, some borrowers are likely to rely more heavily on European Central Bank for funding than the covered bond market.
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Crédit Mutuel Home Loan SFH followed Crédit Agricole SFH and BPCE on Thursday with a third French five year covered bond, which was priced at an identical spread. Even though the three issuers have raised almost €5bn between them, covered bond volumes are down this year and, with spreads at elevated levels, issuers will have more reason than ever to tap the European Central Bank for funding. -
Helaba has appointed two new syndicate bankers as it looks to bolster its coverage of FIG and SSA clients. The hires are among the first following a restructuring of the German bank’s capital markets business.
