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◆ 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
Spuerkeess, Fairstone Bank of Canada and Evangelische Bank issued mandates for debut bonds
◆ Spreads tightened on both tranches ◆ Four Spanish covered bond issuers this year ◆ New issue concessions paid on both tranches, says banker
Data
Sub-sections
Sub-sections
Deal reviews
◆ 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
◆ Tuesday's only benchmark covered deal ◆ ASN's second covered in six months ◆ Short-end of the curve is an 'investor sweet spot', says bank
◆ Leads picked three Achmea bonds as comps ◆ Dutch bank’s was one of two covereds on Monday ◆ Achmea’s was fourth Dutch covered this month
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
More articles
More from covered bonds
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Caixa Económica Montepio Geral was able to tighten pricing for a five year conditional passthrough covered bond, issued on Thursday, by an extraordinary 17bp from the initial level, causing rival bankers to question why it had been necessary to start with what was called a preposterously tight 2bp spread range. -
Covered bond market participants expressed surprise at the sluggishness of book updates on Credit Mutuel Arkéa’s debut public sector covered bond, issued on Thursday morning. But the deal ended up more than twice subscribed with a great deal of smaller orders and little price sensitivity in the book.
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In an illustration of the spread tightening under way in covered bonds, Deutsche Apotheker-und Aerztebank (Dapo) priced a 10 year inside its curve this week. At the same time Raiffeisenlandesbank Vorarlberg followed DZ Bank into the 15 year tenor to give a tempting reoffer yield of almost 50bp.
