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Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
Issuance may relent next week but the pipeline for the rest of the year is uncertain, say experts
◆ Covered bond issuers take stock as pipeline threats loom ◆ Caution creeps into FIG market ◆ What triple-A ratings for Italian ABS mean for banks, securitization and the credit rating industry
Data
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
Some evidence of green price advantage in secondary market, but not primary
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Across the markets covered by the PMM, issuance volume has remained roughly consistent in each of the last four weeks, averaging just over $35bn, with last week's total reaching $41bn. However, last week the number of transactions plummeted from an average of 29 each week in the three weeks before to just 13. -
The Prudential Regulation Authority gave more detail on the likely direction of reforms to the risk margin and the matching adjustment on Tuesday, as it launched a quantitative impact study for the review of Solvency II in the UK.
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Commonwealth Bank of Australia (CBA) has returned to the long end of the covered bond market sell its first private placements in the format since 2019.
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ICBC International Holdings priced a three year bond on Monday with the support of a 22-member syndicate team.
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The spread outlook for covered bonds is likely to remain positive over the summer period, said traders, even though yields are negative. The main risks to that prognosis are likely to emanate from the possible course of inflation.
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First Abu Dhabi Bank has sold its inaugural bond linked to the secured overnight financing rate (Sofr), becoming the first borrower in the United Arab Emirates to do so.
Polls and awards
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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