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◆ Spread fixed at start of execution ◆ Canadian bank's second dollar covered within six months ◆ Strong supply in dollar covereds this week
◆ Issuer happy with tight spread ◆ Short-dated tenor helped, according to a banker ◆ Treasurer said HCOM may issue one mortgage covered next year
◆ Swiss bank lifts nearly €3bn-equivalent ◆ Long euro tranche lures large demand ◆ Both tranches pay visible premium in 'pragmatic' funding approach
Data
Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
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
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There are plenty of reasons to be cheerful about first quarter bank results, but it’s too early to be excited. -
Muenchener Hypothekenbank (MuHyp) priced the tightest ultra-long dated Pfandbrief in 18 years this week, setting the record a day after Bayerische Landesbank (BayernLB) priced the tightest covered bond of the year and the tightest Pfandbrief since late 2018.
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Laurentian Bank has wasted little time getting its newly set up covered bond programme a top rating with DBRS and is now undertaking a roadshow with plans to sell its first deal in Canadian dollars. It is also looking at subordinated issuance in local currency.
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Bank capital investors believe yields could reach new record lows in the European additional tier one market, as another positive earnings season helps to lessen the “perceived riskiness” of the asset class.
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NatWest Group recorded a loss at its investment bank on Thursday, after climbing down from the dizzying heights of last year’s first quarter profits. The weaker numbers weighed on the performance of the group, but the bank still managed to breeze past market expectations.
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South Korea's Kookmin Bank enticed investors into its latest bond sale by using a sustainability label.
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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