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◆ Canadian bank priced the only covered bond on Tuesday ◆ Lead said issuer paid just outside fair value ◆ Sfr325m deal was 'a strong outcome'
Rate increases could be closer than you think
Israel's biggest bank by assets picked Barclays, Goldman Sachs, JP Morgan and UBS as bookrunners
Data
Sub-sections
Sub-sections
Deal reviews
◆ Canadian bank taps Swissies for second time in 2025 ◆ Covered bond raises Sfr335m in line with order book ◆ Deal prices close to fair value
Akademiska Hus and Pfandbriefzentrale look for funding in Swiss francs
◆ Deal size matches bumper Scotia sale ◆ Sterling shows no signs of slowing, say bankers ◆ NAB previously tapped dollars and euros this year
◆ Bookrunners keen to test boundaries with pricing ◆ Strong order book attracts high proportion of real money investors ◆ Trade tightened by 6bp
Opinion
Rate increases could be closer than you think
Equalising risk weightings of covered bonds and resilient STS securitizations at 5% is sound
Bank's head of DCM and syndicate chief talk bond market expansion plans
◆ Why buy bonds when spreads are so tight ◆ Using tech to unearth new economic signals ◆ Playing the shifting relative value pitch
Analysis
Unsecured bonds could become more expensive to issue, covered bonds cheaper
The euro covered bond market shook off a volatile end to 2024 to rebound with a raft of exceptionally popular deals in 2025. Investors appeared eager to pile into euro covered bond books this year, propelling bid-to-cover ratios upwards and new issue premium downwards, writes Frank Jackman
Covered bond funders will have to weave their way through tight senior unsecured and wide SSA spreads in 2026 if they are to refinance the wave of redemptions that awaits them. One big question for the year ahead, discovers Frank Jackman, is whether issuers will be tempted to pay up for duration
Implementation could push covered spreads closer to govvies and SSAs
More articles
More articles
More from covered bonds
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◆ Deal to be the bank's largest in euros so far ◆ Low to mid 30s price 'reasonable' ◆ Issuer met with over 50 investors -
◆ UniCredit-Commerzbank news unlikely to have an impact ◆ Fair value thoughts revealed ◆ Deal to be priced on Wednesday
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◆ Deal comes close to non-eurozone peers ◆ Real money orders dominate book ◆ No oversupply concerns for fourth tranche of 2024
