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◆ Issuer's first sterling covered in two years ◆ Aussie deal was Monday's only benchmark covered ◆ Banker questions if current market is right for issuers
The covered bond market gathered in Seville to celebrate the deals, institutions and individuals that have made their mark over the past year
Corporates and banks add scale to recent FRN run in euros and dollars
Data
Sub-sections
Sub-sections
Deal reviews
◆ Issuer's first sterling covered in two years ◆ Aussie deal was Monday's only benchmark covered ◆ Banker questions if current market is right for issuers
Panel of experts in Seville praised the directive, but would welcome 'a bit of regulatory stability'
◆ Lead says shorter tranche demand lower than expected ◆ NIP paid at 'upper end' compared to recent deals ◆ Market slows for this year's Covered Bond Congress
◆ 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
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
Analysts see covered bond issuance slowing to a more sedate pace from October through to the end of 2026
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
More articles
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More from covered bonds
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Caffil, Santander Consumer Finance and Hamburger Sparkasse enjoyed exceptionally strong receptions for what were tightly priced covered bonds issued this week. -
144A dollar covered bonds issued this week by Santander UK and Nationwide Building Society signal that UK banks have made a strategic return to the asset class after an absence of about 10 years. Their return, which is driven by the need to refinance liquidity borrowed under the Bank of England's Term Funding Scheme, should improve price discovery for dollar denominated securitizations.
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Nationwide Building Society is book building for a three year dollar covered bond on Wednesday, in which the coupon extension period is linked to Sofr, but with a "nuanced difference" to the similar deal issued on Tuesday by Santander UK.
