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Europe's mortgage market is facing a 'structural affordability squeeze' says Scope Ratings
September redemption cash and shortage of supply support investor demand
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
Data
Sub-sections
Sub-sections
Deal reviews
◆ Strong local demand shows eagerness to buy Aussie covereds at new, tighter levels ◆ RBC prices in line with CIBC's reopener of dormant sector ◆ Onshore demand seen supporting issuance up to five years
◆ RBC to follow compatriot CIBC with five year public deal ◆ Earlier trade 'corrected' scarce supply, achieving high oversubscription ◆ Both banks appear ahead of expected local regulatory changes to covered bond treatment
◆ Second public sterling covered bond secured against BTL mortgages ◆ Spread gap compressed versus prime covered bond peers ◆ Small premium paid
British bank picks four leads to run its second public sterling BTL mortgage covered bond
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
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
Benchmark issuance is running 13% ahead of last year
More articles
More articles
More from covered bonds
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In a sign of the strength of the Canadian banking sector, Bank of Montreal and Toronto Dominion Bank were able to access the euro covered bond market in good size on Thursday with deals that provided a substantial saving compared to senior unsecured issuance. The deals followed a series of measures to ease liquidity from the Bank of Canada, including widening repo' eligibility to covered bonds. -
The dash for cash has had big repercussions on the short end of the covered bond market, where yields are now positive, even for German names.
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Executing bond syndications from home has proved to be feasible, bankers said in the wake of Royal Bank of Canada’s five year covered bond issued on Tuesday. Even so, the lack of physical back-up from nearby colleagues and the seamless access to certain key functions such as trading means that working from home is very much second best in practice compared with normality.
