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Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
FIG issuers have shown that investors are ready to absorb all the supply that comes their way
Market participants have questioned if the differential in the risk-weightings between securitized and covered assets will affect demand for covered bonds
Data
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
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Deal arrangers say the euro market is wide open for the return US bank issuance, following a very successful trade from Bank of America this week. -
Korea Development Bank took $1bn from a dual tranche transaction on Monday, using a social label for one portion of the bond to attract a new group of investors.
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China Development Bank (CDB) raised nearly $3bn from dollar and euro bonds on Monday, appealing to investors due to its rarity in the debt market.
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The technical outlook for covered bonds had always been supportive, but after it emerged that newly mandated EU bonds were trading sharply higher in the grey market on Monday, traders were even more confident, especially for deals in the ultra-long end of the curve, such as CFF’s transaction issued on Monday.
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Compagnie de Financement Foncier (CFF) was able to raise €500m of 15 year funding flat to its curve on Monday. But, in anticipation of the EU's 10 and 20 year dual tranche mandate, announced the same morning, investors of the first negative yielding 15 year covered bond showed a degree of price sensitivity.
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Luxembourg's Quintet Private Bank tapped the market for €125m of additional tier one (AT1) paper on Friday, marking its debut in the asset class.
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
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