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Unsecured bonds could become more expensive to issue, covered bonds cheaper
Equalising risk weightings of covered bonds and resilient STS securitizations at 5% is sound
Covered bond funders will have to weave their way through tight senior unsecured and wide SSA spreads in 2026 if they are to refinance the wave of redemptions that awaits them. One big question for the year ahead, discovers Frank Jackman, is whether issuers will be tempted to pay up for duration
Data
Vagueness over the future of AT1s pushes market rethink, though implementation is unlikely to come soon
Despite uncertainties even stringent European regulations are expected to be simplified amid global race to lighten the load on banks
Markets adjust to bumpy French political landscape as it mimics past Italian wobbles
Bankers say Budget may determine if FIG issuers print in sterling through December or hold off until January
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◆ Deal lands flat to Pfandbriefe ◆ No premium paid ◆ Slim spread gap to SSAs -
No reason for banks to fear going tighter still
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Canadian banks cross the border and UOB makes rare return to the US before tariffs imposition
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The gap is closing thanks to covered undersupply but there will be a floor as relative value starts to make little sense
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Successful corporates and FIG bonds belie move to ‘higher volatility regime'
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Americas CEO Stefan Simon to leave for personal reasons
Polls and awards
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
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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