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Bank completes more than half its annual funding before first quarter blackout
The bank is the largest in the country and a close proxy for investors to the government
Key points of contention include the investor sanctions regime and the definition of 'resilience'
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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
Tweaks to trading book rules will be next stage of competition
Come May, current dollar market's gain may turn into euro pipeline's pain
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◆ Canadian bank last issued covered paper in January ◆ Lead managers picked only one comp ◆ BNS has large covered redeeming on Monday -
Unsecured issuance absence in euros and sterling resembles past market shock closures, but broader markets remains open
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Both deals took two weeks to execute due to ABS market closure
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Both deals were executed within a week, despite a heavy pipeline
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Higher rate expectations have sharply reduced the possibility of bonds being redeemed this year
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◆ Banker said deal offered little new issue premium ◆ Euro transaction on Tuesday triggered the deal ◆ Lloyds' last sterling covered was issued in October 2025
Polls and awards
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
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
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