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◆ German issuer's covered was 3bp inside previous tightest ◆ Banker said tightest covered for 2.5 years ◆ Third German covered bond this month
◆ Issuer's first sterling covered since September ◆ Positive sign for 'diversification' said a banker ◆ One of five tranches of covereds on Tuesday
◆ Italian issuer's first covered since June 2023 ◆ Demand for seven year tranche was pleasing, says one banker ◆ Scarcity helped demand for euro transaction
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Deal reviews
The awards recognise the market's leading deals, issuers, banks and other participants
◆ German bank lands flat to fair value ◆ Order book closes at over two times covered ◆ Deal NordLB's first in almost a year
◆ Issuer lands in 'the place to be' amid strong demand for covereds ◆ Achieves its largest covered book since at least 2023 ◆ After 7bp tightening the bond was spotted another 2bp tighter to erase new issue concession
◆ Several market currents support new long five years ◆ UniCredit GmbH achieves larger size close to fair value ◆ CRH pushes annual covered funding to €3.15bn
Opinion
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
The fears of the covered bond market reflect a lack of conviction in the superiority of the product
The preference for a diverse group of lead managers and the convention of reciprocity keep covered bond bookrunning competitive despite concentration so far this year
Analysis
Benchmark issuance is running 13% ahead of last year
Burst of deals this year in uneven market suggests investors want alternatives to Treasuries
Central and Eastern Europe earmarked as an area of growth by market participants
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
More articles
More articles
More from covered bonds
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The rise in yields following Monday’s rates sell-off has improved covered bond supply hopes. However, these have been tempered by the fact that most issuers have completed their 2020 funding and are waiting to see the outcome to European Central Bank’s monetary policy meeting in December. -
Aegon Bank issued its first covered bond in three years on Monday, with the double digit spread drawing robust demand, enabling the conditional pass through bonds to be priced inside fair value, thereby catalysing a repricing of the Dutch CPT market. The deal follows a sub-benchmark 20 year soft bullet covered bond from NN Bank.
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OP Mortgage Bank is set to become the first bank in Finland to issue a covered bond secured on energy efficient mortgages after announcing a green covered bond framework. The prospective deal follows a growing crowd and comes after a string of debut covered bonds with an environmental, social or governance theme issued this year.
