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◆ Austrian bank paid 5bp new issue concession ◆ Order size consistent with previous Erste covereds ◆ New issue premiums have increased in recent weeks
◆ Dutch bank's order book three times oversubscribed ◆ 3bp NIP offered ◆ Issuer placed a green senior bail-in last October
High market and geopolitical volatility prompt issuers to slow primary issuance plans
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
More articles
More from covered bonds
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Credit Mutuel Home Loan SFH (CM-CIC) completed a busy week in the euro covered bond market with a €1.25bn 10 year offering on Thursday. The deal emerged amid growing concern that euro covered bond supply will fall, as borrowers like SCBC, Danske Bank and Nordea turn to local currency markets, while others see better alternative funding opportunities, or simply bide their time. -
Landesbank Hessen-Thueringen Girozentrale (Helaba) and Bawag enjoyed heavy demand for their covered bonds, issued on Wednesday, amid growing concern that January’s usual supply surge is about to come to an abrupt end.
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Covered bond investors are increasingly confident about taking on duration and credit risk as yields are set to be stable and spreads should remain well supported, an asset manager told GlobalCapital on Wednesday.
