Luke Jeffs

Covered Bonds

Sub-benchmark covereds thrive amid big lender blackouts

Absence of larger covered bond issuers provides a window for smaller deals

Luke Jeffs, February 05, 2026

Covered Bonds

Aareal Bank picks fixed sterling format for second covered of 2026

◆ German bank fixed spread and size at outset ◆ Issuer not 'closely followed in UK' ◆ Niche sterling issuer meant 'no clear reference for FV'

Luke Jeffs, February 04, 2026

Covered Bonds

Sumitomo Mitsui lands Japan's first covered bond of 2026

◆ Issuer tightens spread by 8bp ◆ Deal prices outside comps ◆ Lack of Japanese covered bond law affects demand, says banker

Luke Jeffs, February 04, 2026

Covered Bonds

Slovakia's Tatra Banka places 'close to perfect' covered through FV

◆ Deal was priced tighter than the issuer's previous covereds ◆ Banker said spread tightening 'speaks for itself' ◆ Second banker put spread through FV

Luke Jeffs, February 03, 2026

Covered Bonds

Haspa places first green covered bond of 2026 at fair value

◆ Hamburg-based bank tightened spread through execution ◆ Banker said MunHyp deal on Monday paved the way ◆ Second banker said deal benefitted from ‘stronger sentiment’

Luke Jeffs, February 03, 2026

Covered Bonds

Münchener Hypothekenbank lands tightest seven year covered since 2023

◆ €500m no-grow tightened by 7bp ◆ Issuer hits fair value, says lead ◆ Order book held up well through execution

Luke Jeffs, February 02, 2026