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Asset class is about 5bp wider than at start of the year
New changes will allow for 'more intuitive' analysis and increase maximum covered bond rating uplift
Green bonds' share of total FIG euro issuance is higher than in the previous three years
Data
Sub-sections
Sub-sections
Deal reviews
◆ Second public sterling covered bond secured against BTL mortgages ◆ Spread gap compressed versus prime covered bond peers ◆ Small premium paid
British bank picks four leads to run its second public sterling BTL mortgage covered bond
◆ Canadian issuer tightened spread by 2bp ◆ Bank's seventh tranche of covereds of 2026 ◆ BMO has placed dollar euro and sterling covereds since January
◆ First covered bond of 12 years or longer since the bank issued in January ◆ Banker ‘positively surprised’ with size ◆ Premium paid
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
Asset class is about 5bp wider than at start of the year
Comments from regulators welcomed by ECBC head
After the busiest June since 2010, banks are well progressed in the covered funding programmes
Benchmark issuance is running 13% ahead of last year
More articles
More articles
More from covered bonds
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The primary market was lively last week ahead of last Thursday’s European Central Bank meeting. Total issuance across the four markets that PMM reports on — SSA, covered bonds, FIG and corporate bonds — was double the previous week's total at almost $60bn-equivalent. The glut of supply afforded investors the ability to be picky and widening spreads in GlobalCapital’s data suggests that they are drawn to higher yields and green labels. -
Confidence in the rates and covered bond secondary markets improved on Tuesday in the wake of a strong performance in the EU’s debut Next Gen deal, despite an initial wobble when the deal weighed in at €20bn, which was larger than expected.
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TSB Bank attracted good demand for its Sonia-linked covered bond on Tuesday, pushing out along the curve with a rare seven year that sufficiently differentiates from central bank liquidity. The extraordinarily strong sterling market conditions encouraged Canadian Imperial Bank of Commerce to follow Bank of Nova Scotia and mandate leads for another five year Sonia offering.
