Covered Bonds

Latest News

  • UBI covereds expected to tighten upon rating upgrades

    UBI covereds expected to tighten upon rating upgrades

    The three major rating agencies have upgraded UBI’s credit rating, to be in line with Intesa Sanpaolo’s as the latter's takeover of the former concludes. Market participants are expecting UBI’s covered bond spreads to tighten as a result.

  • Covered Bond Awards 2020 — poll closes today!

    Covered Bond Awards 2020 — poll closes today!

    Market participants are invited to vote for their best deals, issuers and lead manager before GlobalCapital Covered Bond Awards 2020 before the survey closes at 5:30pm on Friday, August 14.

  • Senior rally puts dollar covered bonds 'in the shade'

    Senior rally puts dollar covered bonds 'in the shade'

    An improvement in the cross-currency basis swap has made dollar funding look more attractive to covered bond issuers, but this is not expected to lead to higher supply with bank senior unsecured dollar paper looking the more compelling option.

  • Citi makes decent fist of covered trading

    Citi makes decent fist of covered trading

    Citi has taken market share from other banks in the past year to become one of only four that account for 60% of all secondary market covered bond volume traded on Bloomberg so far this year, thanks to a combination of devoting balance sheet to trading and having the appetite to take risk.

  • Covid curveball complicates Cédulas reform

    Covid curveball complicates Cédulas reform

    Spanish Cédulas reform has been widely anticipated for years. However, whether Spain is ready to execute the sweeping reforms necessary to bring the regime into line with the European Union’s covered bond directive remains to be seen, as the impact of the coronavirus risks diverting attention.

  • Lloyds conducts bi-lateral covered bond buy-back

    Lloyds conducts bi-lateral covered bond buy-back

    Lloyds has bought back a small amount of sterling covered bonds on a bi-lateral basis. Most investors that wanted to hand back bonds will have already done so in its previous public tender offer.

  • French banks may pre-fund with covered bonds

    French banks may pre-fund with covered bonds

    French banks have been among the most active issuers of covered bonds so far this year but, with the pace of mortgage origination expected to slow and deposit inflows rising, further supply is less certain with pre-funding for next year becoming an option with doubts over the longevity of the prevailing strong market conditions.

  • Lower covered bond issuance increased OC levels, says Fitch

    Lower covered bond issuance increased OC levels, says Fitch

    Overcollateralisation (OC) levels have increased on covered bond pools since last year for European issuers, Fitch Ratings said this week. But while issuers in some countries, like the UK, showed a rise above the average, borrowers that have participated in central bank funding, like those in Germany, have managed to keep OC levels down.

  • Nykredit readies last tap of biggest ever covered

    Nykredit readies last tap of biggest ever covered

    Danish covered bond auction season is underway with Nykredit and Nordea announcing sales. August’s auctions also provide the last opportunity to buy certain 30-year callable bonds, of which one is the largest covered bond ever issued.

More Stories


THE EUROMONEY ECBC VIRTUAL COVERED BOND CONGRESS 2020

Video

  • On September 9-10, 2020 Euromoney and the ECBC will host the eighteenth annual meeting for the international covered bond market, virtually.

    In this video, Toby Fildes, managing editor of GlobalCapital, and Richard Kemmish, editorial consultant at GlobalCapital Conferences, outline some of the discussions for the Congress.

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Roundtable

  • Covered bonds through Covid: the French issuers’ perspective

    Funding officials from Caffil, Credit Mutuel Arkéa and La Banque Postale gathered in early July to take part in a roundtable to discuss how they navigated their way through the peak of the crisis when covered bond market volatility was at its highest, and how they expect to manage funding in its aftermath, as the pernicious impact of the pandemic takes its toll.