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SSA issuance to resume in 'mid-August' says Patrick Seifert, LBBW's global head of DCM
Europe's mortgage market is facing a 'structural affordability squeeze' says Scope Ratings
September redemption cash and shortage of supply support investor demand
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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Covered bond spreads are likely to remain well supported next week, with supply set to be thin on the ground. Though spreads are at their all-time tightest levels, market watchers will be closely monitoring the European Central Bank to see whether it lowers its order size in the primary market. -
Royal Bank of Canada’s £1.25bn five year covered bond issued at 47bp over Sonia on Thursday was the tightest and largest transaction to reference the rate ever issued by a bank from outside the UK. The depth of demand illustrated that the bid for Sonia products has grown.
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The Financial Supervisory Authority of Norway (FSA) has become the first regulator to recommend a series of proposed amendments that would align its covered bond regime with the EU covered bond directive. EU member states have until July 2021 to implement the directive, and while it seems likely that Spain has the most work to do, other countries — such as Italy, France and those in Scandinavia — will also be obliged to consider important revisions.
