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Two top covered analysts have said Luminor covered bonds will continue to be issued under Estonian law if the deal completes
◆ Strong local demand shows eagerness to buy Aussie covereds at new, tighter levels ◆ RBC prices in line with CIBC's reopener of dormant sector ◆ Onshore demand seen supporting issuance up to five years
◆ 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
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Deal reviews
◆ Strong local demand shows eagerness to buy Aussie covereds at new, tighter levels ◆ RBC prices in line with CIBC's reopener of dormant sector ◆ Onshore demand seen supporting issuance up to five years
◆ 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
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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Senior bank finance and capital markets figures speculated this week about where the ECB would be most likely to throw its weight in its effort to boost the sustainability of its balance sheet. With a senior eurozone central banker having recently urged it to decarbonise its assets, banks are on high alert as they anticipate sweeping changes to asset purchase and repo terms, writes Bill Thornhill. -
The transposition of the EU's Covered Bond Directive (CBD) into Spanish law is likely to be credit positive, according to a poll of delegates who attended the Association of Financial Markets in Europe’s 12th annual Spanish Capital Markets Virtual Conference on Thursday.
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Raiffeisenlandesbank Vorarlberg launched a 15 year covered bond on Wednesday that was three times subscribed and priced flat to fair value. It suggested that investors were eager to catch higher yields before they disappear.
