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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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The covered bond market is likely to get its first glimpse of renewed European Central Bank participation in the primary market next Wednesday, which could help crystalise opinions on the spread outlook for the product. -
Negative rates are expected to persist in covered bonds, forcing investors to widen their search for value. And with spreads likely to tighten as the European Central Bank ramps up buying from November, some are looking to local currency Nordic markets.
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Deutsche Kreditbank (DKB) has mandated leads for a roadshow ahead of a planned €500m Blue Social Pfandbrief that will finance public water and waste management facilities, to be issued under the bank’s existing social bond framework.
