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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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Leads on Sumitomo Mitsui Banking Corporation’s two part dollar and euro covered bond were criticised for not being transparent with the order book update, which was expressed without giving the currency of the demand, but in the final analysis, the sale of the high yielding euro portion went better than expected. -
Luminor Bank is likely to issue the debut Estonian covered bond in the first quarter of 2020 according to the bank’s head of treasury, Max Ehrengren. Although the programme will have capacity to issue deals secured on Lithuanian and Latvian assets, the inaugural transaction will be exclusively secured on Estonian assets.
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Sumitomo Mitsui Banking Corporation (SMBC) is expected to open order books on Tuesday for a dollar and euro covered bond. Deutsche Kreditbank will follow with its social Pfandbrief on Wednesday. Credit Mutuel Arkea will see investors with plans to issue its first public sector covered bond.
