Top section
Top section
Most recent
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
-
Luis Muscatt, formerly of NatWest Markets, has joined BMO Capital Markets as a covered bond and SSA trader. -
Deutsche Hypo was unable to tighten pricing as much as it had hoped for a seven year Pfandbrief it issued on Tuesday. Demand was sufficient to cover the deal, excluding the European Central Bank's order, but only just enough, giving investors more power to resist spread cuts.
-
In January the European Central Bank bought more covered bonds as a proportion of net asset purchases than at any time in the past five years. That should stand it in good stead for the lean months ahead when supply will fall but redemptions will be even higher.
