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New Pfandbrief platform brings Liechtenstein’s first ever covered bond
European and other regulators are working on reforms to make covered bond funding more efficient
◆ Bank prints first Belgian covered in over six months ◆ Issuer caps order size at €750m from start ◆ Covereds this week offering more new issue concession
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Deal reviews
◆ Bank prints first Belgian covered in over six months ◆ Issuer caps order size at €750m from start ◆ Covereds this week offering more new issue concession
◆ €1.5bn covered is ING's first of 2026 ◆ 5bp of concession ◆ 'Sweet spot' tenor
◆ Issuer tightens spread by 4bp ◆ Stronger opening on Wednesday paved way for covered ◆ Deal offered some new issue premium
◆ Bond the first EuGB covered ◆ Danish issuer tightens spread by 5bp ◆ Issue offers next to no concession
Opinion
The preference for a diverse group of lead managers and the convention of reciprocity keep covered bond bookrunning competitive despite concentration so far this year
Rate increases could be closer than you think
Equalising risk weightings of covered bonds and resilient STS securitizations at 5% is sound
Bank's head of DCM and syndicate chief talk bond market expansion plans
Analysis
European and other regulators are working on reforms to make covered bond funding more efficient
Changes to ECB collateral eligibility requirement could lead to more blockchain-based covered bonds, Moody's suggests
All three 2026 dollar covered bonds issued in past fortnight as issuers adapt to market conditions
Swiss franc covered bond from Kiwibank the only deal on Thursday after a patchy week
More articles
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More from covered bonds
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The European Central Bank will price the third instalment of its Targeted Longer-Term Refinancing Operations (TLTRO III) more harshly than expected, it revealed on Thursday. This should keep most banks using market funding. Meanwhile, expectations are rising of another round of quantitative easing, something that would boost prices of bank debt, write Tom Brown, Jasper Cox, David Freitas and Bill Thornhill. -
PKO Bank Hipoteczny issued its debut green covered bond on Wednesday, the first deal of its type from Poland. This deal is the ninth covered bond with an environmental and social governance (ESG) purpose to have been launched this year and, according to Commerzbank research.
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Slovenská sporiteľňa’s first euro benchmark covered bond attracted strong demand from investors on Wednesday reflecting the transaction’s tempting returns in a largely negative yielding market, as well as its top credit rating.
