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◆ Bankers said the deal offered a few basis points of new issue premium ◆ Bank's last covered bond deal was in January 2025 ◆ Lead managers used a small set of comparables
◆ Soft bullets offer no benefit to Spanish issuers — BBVA ◆ Investors like certainty of hard bullets, says banker ◆ Lead managers use seven Spanish deals as comps
Association of German Pfandbrief Banks bi-annual survey finds members are more cautious going into H2
Data
Sub-sections
Sub-sections
Deal reviews
◆ Aussie bank has primary to itself on Friday ◆ Deal ‘sufficiently different,’ say bankers ◆ Both tranches offer small premiums
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
Opinion
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
The fears of the covered bond market reflect a lack of conviction in the superiority of the product
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 burgeoning €30bn market for sustainable covered bond financing received another boost last week after the European Covered Bond Council formally adopted environmental, social and governance (ESG) transparency enhancements to its Harmonised Transparency Template (HTT) that go well beyond what issuers currently disclose and should improve investors’ ability to compare deals. -
Fédération des Caisses Desjardins du Québec (CCDJ) mandated leads on Wednesday for a five year and Compagnie de Financement Foncier (CFF) mandated leads for a 10 year deal, to take advantage of exceptionally strong market conditions with both deals likely to be launched on Thursday.
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A trio of covered bonds from NN Bank, Bawag and Eika Boligkreditt that were issued on Wednesday, were all exceptionally well subscribed, though the Norwegian deal stood out as it was priced considerably through fair value. The transactions suggest secondary spreads are less representative of fair value and send a strong signal to non-Eurozone issuers with illiquid curves.
