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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
More articles
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More from covered bonds
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Deutsche Bank issued the most oversubscribed Pfandbrief since mid-July on Wednesday. The strong showing contrasted to Bawag, which competed less well for investors’ attention with a deal in the same tenor and with the same starting spread. The unconvincing Austrian outcome has caused some to question the market outlook and one borrower to postpone issuance. -
A run of 10 year covered bond issuance looks set to continue through to Wednesday with Bawag and Deutsche Bank announcing plans for Pfandbrief transactions. Bankers on these deals are hopeful that order book momentum improves, but some are slightly concerned that investor fatigue may be setting in.
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Hypo Noe and Prima banka Slovensko competed for investors’ attention with similar sized covered bonds in the same seven year tenor on Tuesday. The Austrian transaction was priced with barely any concession and the higher rated Slovakian transaction was the first debut deal to price with a negative yield and the first from Central and Eastern Europe with a negative yield.
