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Analysts have said the mortgage market and spreads do not support the widespread issuance of longer dated covered bonds
After the busiest June since 2010, banks are well progressed in the covered funding programmes
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Data
Sub-sections
Sub-sections
Deal reviews
◆ First covered bond of 12 years or longer since the bank issued in January ◆ Banker ‘positively surprised’ with size ◆ Premium paid
◆ Both tranches well received ◆ Improvement on 'weak' Achmea deal from last weak, rival banker says ◆ Fair value debated
◆ Aussie bank has primary to itself on Friday ◆ Deal ‘sufficiently different,’ say bankers ◆ Both tranches offer small premiums
The awards recognise the market's leading deals, issuers, banks and other participants
Opinion
Covered bond issuers have been reluctant to issue on the same day as a central bank announcement, but this is starting to change
The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
If it looks like a covered bond, acts like a covered bond and prices like a covered bond, then it probably should be treated like one
Easily dismissed as "fast money" with all the negative implications that can bring in the primary bond market, hedge funds are becoming increasingly important to covered bond issuers
Analysis
After the busiest June since 2010, banks are well progressed in the covered funding programmes
Benchmark issuance is running 13% ahead of last year
Burst of deals this year in uneven market suggests investors want alternatives to Treasuries
Central and Eastern Europe earmarked as an area of growth by market participants
More articles
More articles
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◆ How to fund Europe ◆ What market experts think is going to happen next ◆ The EU to embark on biggest six-month funding spree -
Who’s top in covered bonds? Who leads the way in SSAs? Who’s first in FIG? Who’s an emerging force in EM? Or who’s closing in on corporates? GlobalCapital has sifted through the data and analysed the performance of leading bookrunners over the past two years. Frank Jackman reports
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Higher issuance and redemption volumes expected to put pressure on covered bonds next year
