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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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Nationwide Building Society made a small piece of history in the covered bond market last week. The UK building society printed the first covered deal in euros from a UK bank since Brexit. It was also the issuer's first 20 year and the first covered bond in that maturity from anywhere outside the eurozone. Senior funding manager, Krishan Hirani, spoke to GlobalCapital about the genesis of the deal. -
The Pfandbrief market is in the middle of a tumultuous year which includes not only the adoption of the EU's Covered Bond Directive but also digesting the bloc's Taxonomy for Sustainable Activities. Of course, this is all happening against the backdrop of the coronavirus pandemic and lockdowns, which have hit the commercial real estate market that underpins much of the product. Jens Tolckmitt, chief executive of the Association of German Pfandbriefbanks (vdp), spoke to GlobalCapital about how the market has coped.
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Recent trades have demonstrated just how sublime primary market conditions are for covered bond issuers, stoking a revival of the previously dormant sector.
