Covered Bonds

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  • UK covered bonds offer value over peers, say traders

    UK covered bonds offer value over peers, say traders

    UK covered bonds looked cheap, said traders on Tuesday, especially relative to Canadian and Australian alternatives. Their views followed a report from Moody’s which said on Monday that UK banks’ credit fundamentals were resilient and their covered bond ratings well protected.

  • Carnival keeps covereds calm as coronavirus fears spread

    Carnival keeps covereds calm as coronavirus fears spread

    Covered bonds were steady on Monday, with spreads reacting stoically in the face of mounting volatility in the credit and equity markets, which were hit by fears over the spread of the Covid-19 coronavirus. But with key covered bond investors only expected to return to their desks on Wednesday, following Germany’s carnival season, market participants remain braced for a delayed reaction in the asset class.

  • Superlatives fly as Swiss funds cry for bonds

    Superlatives fly as Swiss funds cry for bonds

    Intense demand in the Swiss franc bond market for any asset with a positive yield — or even anything yielding more than the penal negative rates on cash — gave a varied group of issuers this week execution that pushed the boundaries — bigger, faster and tighter.

  • Sonia gets makeover as EBRD shifts new structure

    Sonia gets makeover as EBRD shifts new structure

    The European Bank for Reconstruction and Development this week became the first borrower to deviate from the standardised coupon calculation method for Sonia-linked floating rates. While investors backed the new structure, with the deal receiving a huge order book from a large number of accounts, there are some market participants who believe the disruption was unnecessary, writes Burhan Khadbai.

  • Santander draws demand away from Créd Ag

    Santander draws demand away from Créd Ag

    Santander went up against Crédit Agricole with a 12 year covered bond on Thursday. Although the Spanish lender announced its deal after the French bank, a generous start ensured Santander sucked demand from the French deal, which was also hurt by a lower than expected European Central Bank order. Santander also issued a deeply negative yielding five year that attracted excellent demand.

  • Créd Ag SFH takes advantage of quiet covered bond market

    Créd Ag SFH takes advantage of quiet covered bond market

    Crédit Agricole SFH took advantage of a quiet market, mandating lead managers on Wednesday for a mortgage backed covered bond with a rare 12 year tenor. The prospective deal emerged after S&P published an upbeat report on the French covered bond market.

  • Low covered bond yields reach ‘critical’ levels

    Low covered bond yields reach ‘critical’ levels

    Traders told GlobalCapital this week that low yield levels were ‘starting to become a problem’ for covered bond buyers, following a sustained rally in rates, adding that it was extremely hard to find offers on bonds in many parts of the market.

  • SR closes covered gap to Spabol

    SR closes covered gap to Spabol

    SR Boligkreditt issued a euro covered bond on Monday and, for the first time in its history, was able to price in line with Sparebank 1 Boligkreditt (Spabol). However, its hopes of issuing more than its usual €500m size were dashed.

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $bn No of issues Share %
1 3.95 27 6.64%
2 3.77 20 6.35%
3 3.51 14 5.90%
4 3.13 13 5.27%
5 2.87 13 4.83%