Covered Bonds

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  • Covered bond market establishes Covid-19 task force

    Covered bond market establishes Covid-19 task force

    The European Mortgage Federation and European Covered Bond Council (EMF-ECBC) has established a task force to address the economic impact of the Covid-19 pandemic. The initiative emerges at the same time as the European Banking Authority’s publication of guidelines on the treatment of debt moratoria.

  • Covered bonds find flavour in French fives

    Covered bonds find flavour in French fives

    Crédit Agricole and Crédit Mutuel CIC attracted solid demand for their five-year covered bonds this week. Although they were among the largest deals seen so far this year, some borrowers are more likely to rely heavily on the European Central Bank for funding than the covered bond market as supply is down and spreads are still elevated.

  • Crédit Mutuel follows with French fives as covered supply outlook questioned

    Crédit Mutuel follows with French fives as covered supply outlook questioned

    Crédit Mutuel Home Loan SFH followed Crédit Agricole SFH and BPCE on Thursday with a third French five year covered bond, which was priced at an identical spread. Even though the three issuers have raised almost €5bn between them, covered bond volumes are down this year and, with spreads at elevated levels, issuers will have more reason than ever to tap the European Central Bank for funding.

  • Helaba hires for SSA, FIG overhaul

    Helaba hires for SSA, FIG overhaul

    Helaba has appointed two new syndicate bankers as it looks to bolster its coverage of FIG and SSA clients. The hires are among the first following a restructuring of the German bank’s capital markets business.

  • Strong banks also need central bank support

    Strong banks also need central bank support

    Canadian banks are among the largest, most profitable and best rated in the world, but that does not grant them immunity from liquidity bottlenecks. A recent spree of deals — although in some ways a show of might — illustrated that even the most fortified of lenders can appear vulnerable.

  • OSFI releases Canadian covered bond liquidity bottleneck

    OSFI releases Canadian covered bond liquidity bottleneck

    A leading covered bond investor has reacted positively to a series of measures announced by Canada’s Office of the Superintendent of Financial Institutions’ (OSFI) which have effectively provided stable access to emergency funding, including a temporary increase in the amount of covered bonds the country's banks can issue. The move comes after a heavy spell of supply that had sparked concerns that Canadian banks were struggling for cash.

  • Covered bond market running from home

    Covered bond market running from home

    The covered bond market’s reputation for a being a close knit community has served it well during this difficult period with members staying in close virtual contact as they self-isolate at home. On the whole, the experience has proved positive, though it’s clear that some have found it difficult to separate work from play.

  • TD follows BNS into dollar covereds as spread outlook questioned

    TD follows BNS into dollar covereds as spread outlook questioned

    Toronto Dominion Bank attracted a slightly larger order book for its three year dollar covered bond on Friday than Bank of Nova Scotia did for a similar deal issued on Wednesday. Both deals offered a considerable pick-up to where they would have been expected to be priced in euros, but the overall spread outlook remains a subject for hot debate. At the same time on Friday, Canadian Imperial Bank of Commerce was set to issue a ‘blow out’ three year Swiss franc deal.

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $bn No of issues Share %
1 4.52 19 5.81%
2 4.42 23 5.68%
3 4.29 30 5.51%
4 4.23 19 5.43%
5 3.85 17 4.94%