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The coincidence of many 5yr covereds issued in 2022 and 10yr bonds printed in 2017 will make 2027 an especially busy year for covered bond redemptions
Secondary spreads suggest the market is ready to take on new deals, but bankers predict issuers reopening unsecured market will need to pay up
Some evidence of green price advantage in secondary market, but not primary
Data
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
Money centre banks pay to to land jumbo deals at sizes unheard of in euros
Beyond the proposed lower leverage ratios, new frameworks may give banks more flexibility at times of stress
Recent Unicaja tender and new issue prompts talk of wider adoption of debt management technicque more popular in US market
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World Bank tops 2025 issuer rankings for private placements -
◆ Deal is first from updated sustainability bond framework and follows social debut from 2025 ◆ Earlier return to euros than previous years ◆ Minimal concession paid
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Bankers reach for superlatives as four deals price tightly
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◆ Bankers see European FIG market at near perfection ◆ BBVA extends curve though pays more for 10 year non-preferred foray ◆ UBS goes big in belly and long end at minimal concession
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◆ 2026's first euro capital trades from insurance companies ◆ Pair attract more than €5bn of orders ◆ Minimal or even negative concession paid
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◆ British building society places first sterling covered of 2026 ◆ Order book surpasses £3bn ◆ First tranche hit fair value, second offered 2bp premium
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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