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◆ Only sub-benchmark covered deal in the market on Tuesday ◆ Issuer paid a 'healthy new issue concession', says banker ◆ Pfandbriefzentrale planning new Swiss franc note
◆ Tuesday's only benchmark covered deal ◆ ASN's second covered in six months ◆ Short-end of the curve is an 'investor sweet spot', says bank
◆ Korean covered was one of two new issues on Monday ◆ Third Korean covered bonds in three weeks ◆ Leads chose only two deals as comparables
Data
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Deal reviews
◆ Only sub-benchmark covered deal in the market on Tuesday ◆ Issuer paid a 'healthy new issue concession', says banker ◆ Pfandbriefzentrale planning new Swiss franc note
◆ Tuesday's only benchmark covered deal ◆ ASN's second covered in six months ◆ Short-end of the curve is an 'investor sweet spot', says bank
◆ Leads picked three Achmea bonds as comps ◆ Dutch bank’s was one of two covereds on Monday ◆ Achmea’s was fourth Dutch covered this month
◆ Issuer chose larger order size ◆ Strong supply of five year covereds cited ◆ Seventh German covered in three weeks
Opinion
Covered bond issuers have been reluctant to issue on the same day as a central bank announcement, but this is starting to change
The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
If it looks like a covered bond, acts like a covered bond and prices like a covered bond, then it probably should be treated like one
Easily dismissed as "fast money" with all the negative implications that can bring in the primary bond market, hedge funds are becoming increasingly important to covered bond issuers
Analysis
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Asset class is about 5bp wider than at start of the year
Comments from regulators welcomed by ECBC head
After the busiest June since 2010, banks are well progressed in the covered funding programmes
More articles
More articles
More from covered bonds
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European Central Bank funding proved irresistible for lenders across the eurozone this week, with participation in the latest round of Targeted Longer-Term Refinancing Operations (TLTRO III) reaching a record €1.31tr. The astonishing take-up will cement expectations for fewer deals and more buy-backs in the FIG market, as well as the return of the government bond carry trade, write Tyler Davies and Bill Thornhill. -
DZ Hyp managed to attract a healthy order book for a €1bn eight year deal issued on Wednesday, a day before a more narrowly subscribed €1bn 10 year from UniCredit’s German subsidiary, HVB.
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Caisse Française de Financement Local lost €700m of orders after pricing a €1bn 10 year covered bond flat to OATs on Tuesday. Axa Bank SFH offered a generous new issue concession a day later on a €500m 15 year that came well inside the French government curve.
