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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
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Sub-sections
Deal reviews
◆ 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
◆ 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
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
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More from covered bonds
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Nationwide Building Society plans to issue the first euro denominated covered bond from a UK issuer this year and the first since Brexit was concluded. The €500m deal comes after a series of successful Canadian covered bonds, but unlike them it has a much longer 20 year maturity. -
Bayerische Landesbank (BayernLB) was set to price the tightest covered bond of the year on Monday and the tightest Pfandbrief since late 2018, boding well for two follow-on transactions from Muenchener Hypothekenbank and Natixis Pfandbriefbank.
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Bayerische Landesbank (BayernLB) is readying to issue its first covered bond in over two years, having appointed banks on Friday to sell a 10 year deal.
