Covered Bonds

Latest News

  • CEE and Dutch covered bonds offer pockets of value

    CEE and Dutch covered bonds offer pockets of value

    A double-digit spread over mid-swaps is still possible in covered bonds from Poland, Slovakia and Dutch conditional pass-though deals, suggesting scope for performance is strongest in these markets, said bankers on Wednesday.

  • Sparebanken Sor draws strongest demand for sevens

    Sparebanken Sor draws strongest demand for sevens

    Sparebanken Sor Boligkreditt’s covered bond drew more demand than competing deals issued by Berlin Hyp and Royal Bank of Canada on Tuesday, thanks to its more generous spread, the shorter duration and favourable liquidity treatment.

  • RBC takes size and spread with narrowly subscribed 10 year

    RBC takes size and spread with narrowly subscribed 10 year

    Royal Bank of Canada issued a tightly priced €1.25bn 10 year covered bond on Tuesday attracting only just enough demand. Nonetheless, the long tenor, investor diversification, cost of funding and deal size were positives for the borrower.

  • KEB Hana debut outing achieves stellar response

    KEB Hana debut outing achieves stellar response

    Korea’s KEB Hana Bank attracted a €2bn order book for its €500m debut covered bond on Tuesday, boosting hopes for an improvement in the secondary market performance of similar deals from South Korea that offer an outsized spread pick-up.

  • Traders reluctant to 'chase’ covered bond spreads tighter

    Traders reluctant to 'chase’ covered bond spreads tighter

    Even though technical factors are highly supportive for covered bonds, traders say they are unwilling to lift offers, reflecting increased anxiety about limited performance potential and an underlying concern that credit market sentiment is less sure-footed that at the start of this year.

  • BPCE finds good covered demand amid gloomier outlook

    BPCE finds good covered demand amid gloomier outlook

    BPCE found good demand for a two-part covered bond on Monday with the bonds pricing almost flat to its curve. Even so, the near term outlook has become less certain as German lockdowns are expected to be tightened amid renewed concern over the impact on commercial mortgages secured in some Pfandbrief.

  • MuHyp goes long in covereds

    MuHyp goes long in covereds

    Muenchener Hypothekenbank (MuHyp) sold the longest covered bond of the year so far this week, and bankers expect more long end deals to follow.

  • Covered bond supply optimism is misplaced

    Covered bond supply optimism is misplaced

    This week’s burst of covered bonds was exceptionally well received and boosted supply hopes. But even though the funding was cheap and deal execution certain, the supply outlook remains grim.

  • People news in brief

    People news in brief

    Natixis promotes DCM bankers — Powell quits IFAD job — NatWest Markets makes Peberdy, Donaldson and Manwaring's positions permanent

  • Deutsche Bahn steams into Swissies

    Deutsche Bahn steams into Swissies

    After a near two year absence, Deutsche Bahn pulled into the Swiss franc market to issue 15 year debt with no new issue premium this week, landing inside its own euro curve.

  • DNB issues most subscribed covered bond

    DNB issues most subscribed covered bond

    DNB Boligkreditt issued a covered bond on Thursday that became its most oversubscribed covered bond ever, equalling the bank’s biggest ever order book. The deal, secured on green mortgages, was priced through its vanilla curve, clearly demonstrating the demand for covered bonds.

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THE EUROMONEY ECBC VIRTUAL COVERED BOND CONGRESS 2020

  • Covered bond conference 

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

  • Key figures:

    • 3,030 hours spent on the platform
    • An average 4.30 hours spent on the platform by each delegate
    • 740 unique visitors from 40 countries
    • 35,000 visits to the platform

    To find out more and watch the sessions, click here 

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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.