Top section
Top section
Most recent
◆ 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
-
In the absence of primary issuance, the European Central Bank has ramped up its covered bond purchasing in the secondary market. But, since it has yet to speed up buying under its newly set up Pandemic Emergency Purchase Programme (PEPP), there are high hopes that liquidity will soon be restored. -
European covered bond issuers are waiting for liquidity to normalise before printing new deals and will rely upon their access to emergency central bank liquidity lines instead, three funding officials told GlobalCapital. They are also contacting customers to better understand how their loan and deposit books are likely to change before deciding how their funding strategies should be revised.
-
The hunt for liquidity has driven covered bond spreads wider across the board with little fundamental differentiation between assets, investors told GlobalCapital on Monday. This move has thrown up opportunities to find value before liquidity is restored when the European Central Bank steps up its asset purchases.
