Crédit Agricole
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◆ OCBC's prices first covered bond since April 2025 ◆ 10th Asian covered issued in 2026 ◆ Order book peaks at over €2bn but lost €400m -
Market participants have questioned if the differential in the risk-weightings between securitized and covered assets will affect demand for covered bonds
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◆ British issuer tightens both tranches 6bp ◆ Spreads in line with comparables ◆ Lloyd’s first covered since its sterling deal in March
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The only covered bond issued this week landed with a small new issue premium
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This week’s covered bond market was quiet compared to seniors and SSAs, bankers say
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◆ French issuer tightens spread by 6bp ◆ Order book closes at €2.5bn peak ◆ Only covered bond issued on Tuesday
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No covered bonds have been issued in primary since Tuesday
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Crédit Agricole CIB's head of covered bond and SSA research expects premiums to stay at current levels
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There were no new covered bonds issued on Thursday after two on Wednesday and four on Tuesday
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◆ Issuer attracted order book of €1bn ◆ Bid-to-cover ratio was consistent with recent precedents◆ Fair value not easy to establish
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European and other regulators are working on reforms to make covered bond funding more efficient
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◆ Bond the first EuGB covered ◆ Danish issuer tightens spread by 5bp ◆ Issue offers next to no concession
