Crédit Agricole
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Steepening swap curve has revived interest in long-dated covereds -
None of the four largest covered issuers of 2024 made the top five by deal volume in 2025
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Natixis has grown its covered bond business in Australia and the Nordics this year, its head of FIG DCM said
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Covered bond redemptions are set to increase by €20bn next year and €30bn in 2027
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French bank predicts euro, sterling and dollar issuance will all grow next year
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Markets adjust to bumpy French political landscape as it mimics past Italian wobbles
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◆ Playing for size at 'defensive' tenor ◆ Some concession paid ◆ Better to print now than in 'crowded' January
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Six covered bonds were issued in three days this week but there is uncertainty over the pipeline from here
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◆ Weaker and more volatile market but funding conditions attractive for banks ◆ Crédit Agricole, ING and MUFG turn to dollars ◆ Torrent of tier two
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◆ Deal lands at record spread through OATs ◆ Immediate performance pushes OAT spread tighter ◆ Investors still keen despite tight price
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◆ Senior non-preferred green deal brings back larger funding in a single, longer maturity ◆ Small concession paid ◆ Senior preferred Kangaroo in belly of curve to follow
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Analysts warn of spillover from potential sovereign downgrade, threatening regulatory treatment and spreads of agency bonds
