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We are proud to publish our special report, which looks ahead to 2026 across all asset classes and recognises the best new bonds of 2025
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
Data
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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
◆ Why buy bonds when spreads are so tight ◆ Using tech to unearth new economic signals ◆ Playing the shifting relative value pitch
Diversifying demand... coming inside euros... landing flat to dollars... the UK market looks tasty
Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds
The UK will do better with tactical retreats on regulation than risking being outflanked by the US's wildcat banking regime
Analysis
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
Covered bond redemptions are set to increase by €20bn next year and €30bn in 2027
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◆ Dutch bank prices at 34bp, tighter than earlier deals ◆ Order book of €1.9bn, nearly four times the size
