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Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Smaller order books and tighter new issue premiums characterise new phase
◆ Portuguese bank tightened spread by 3bp ◆ First covered from issuer since October ◆ Banker said this is 'good level for issuer'
Data
Sub-sections
Sub-sections
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
More articles
More from covered bonds
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The European Central Bank, as the bank supervisor, has a clear mandate to maintain a bank as a going concern, but that is not necessarily positive for covered bonds. The forthcoming European covered bond directive may help mitigate these concerns — but it is not guaranteed.
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Oma Savings Bank plans to open order books for a covered bond on Wednesday following an earlier roadshow. The deal comes amid a dearth of covered bond supply this week and a return to negative rates suggesting good scope for ultra-long dated supply. -
Nordea Asset Management’s European Covered Bond Opportunities fund has gotten off to a flying start, having been launched in February on the premise it would deliver twice the return of its low duration predecessor.
