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◆ RBC to follow compatriot CIBC with five year public deal ◆ Earlier trade 'corrected' scarce supply, achieving high oversubscription ◆ Both banks appear ahead of expected local regulatory changes to covered bond treatment
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
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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Secondary bond traders in the SSA and covered bond markets are focussed on Tuesday’s European Union new issue amid hopes that it will help draw a line as far as secondary market weakness is concerned. But with one eye on the European Central Bank’s June meeting, there is still some trepidation about prospective cuts in central bank asset purchasing. -
United Overseas Bank and Raiffeisen-Landesbank Steiermark (RFLBST) have mandated leads for covered bond deals amid a weakening spread environment.
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Two recent studies have added to the growing body of research that points to a surge in green covered bond issuance following the implementation of the EU's Taxonomy of Sustainable Activities.
