Helaba
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Bankers predict steady flow of covered bonds issuance over coming weeks despite recent spike in activity -
◆ Spread tightened by 8bp from IPTs ◆ Banker said order book quality stayed high despite losing some investors ◆ Second Czech covered in two days
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◆ Issuer pays small new issue premium ◆ Order book showed 'more than enough demand' ◆ Four German banks issued covereds in past two weeks
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◆ CFF tightened spread by 6bp ◆ CFF and Hypo Vorarlberg Bank paid small concessions ◆ NN Bank attracted largest order book of the day
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Issuance may relent next week but the pipeline for the rest of the year is uncertain, say experts
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◆ Third German covered in two days ◆ Issuer's second covered of 2026 ◆ Small new issue premium offered, says banker
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◆ Intesa Sanpaolo's Slovakian arm is a frequent issuer ◆ Banker said 33bp could be through FV ◆ CEE covereds offer the widest spread, ABN wrote
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◆ Highest over-subscription rate of Monday's covered deals ◆ Fourth tranche from a Swedish issuer this year ◆ No grow format helped tighten spread
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Analysts expect the first euro covered bond after the summer lull to be printed in the next two weeks following seven weeks of no issuance
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The German pharmaceutical wholesaler was upgraded to BBB- by S&P last month
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The French Budget in October and US mid-term elections in November could be times for covered bond issuers to avoid
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Covered bonds performed despite geopolitical shocks in early 2026 and will continue to do so for the rest of the year, Rabobank has suggested
