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High market and geopolitical volatility prompt issuers to slow primary issuance plans
◆ €1.5bn covered is ING's first of 2026 ◆ 5bp of concession ◆ 'Sweet spot' tenor
◆ Spread fixed at start of execution ◆ RBC has issued four covered tranches this month ◆ Issuer’s last before this month was in January 2025
Data
Sub-sections
Sub-sections
Deal reviews
◆ €1.5bn covered is ING's first of 2026 ◆ 5bp of concession ◆ 'Sweet spot' tenor
◆ 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
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 patchy week
Shrinking books 'nothing to complain about' as market values quality not quantity
More articles
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More from covered bonds
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The Bank of England has said it intends to publish compounded Sonia averages and a Sonia index using a ‘shift’ calculation method by the end of July, subject to feedback on a series of questions it has asked sterling market participants. This follows the first deal using that method from the European Bank for Reconstruction and Development Bank last week. -
UK covered bonds looked cheap, said traders on Tuesday, especially relative to Canadian and Australian alternatives. Their views followed a report from Moody’s which said on Monday that UK banks’ credit fundamentals were resilient and their covered bond ratings well protected.
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Covered bonds were steady on Monday, with spreads reacting stoically in the face of mounting volatility in the credit and equity markets, which were hit by fears over the spread of the Covid-19 coronavirus. But with key covered bond investors only expected to return to their desks on Wednesday, following Germany’s carnival season, market participants remain braced for a delayed reaction in the asset class.
