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French bank could make its debut in 2027 after it acquires GE SCF later this year
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
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
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More from covered bonds
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Canadian Imperial Bank of Commerce was quick to take advantage of a favourable swing in the sterling-dollar basis swap, to issue its debut Sonia-linked covered bond on Monday, pricing the deal flat to fair value and tighter than where it could have printed in dollars or euros. The scale of demand would have allowed for a much larger deal, suggesting good potential for follow-on supply. -
The increasingly obvious threat of climate change is leading central banks into new territory, as they begin to analyse the risks it poses to the financial system. It is stretching them intellectually and posing new questions about how they interpret their mandates, and whether they can lead society or must travel at its pace.
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The recent bond market sell-off has provided an opportune window for issuers to bring positive yielding deals, boosting demand for SSAs and covered bonds. It’s difficult to imagine this move will prove anything other than temporary, suggesting hesitant issuers should seize the opportunity before it disappears.
