HSBC debuts with successful €750m 5s to reopen UK euros
HSBC Bank UK issued an inaugural euro benchmark yesterday, biding its time after a mandate announcement on Monday to issue a €750m five year on the back of some €2.4bn of demand, in the first UK euro benchmark since concerns around third country equivalence were reignited.
Greek banks set to aim high in eventual covered comebacks
Greek banks made the case for their covered bonds pricing inside government bonds at an ECBC plenary on Wednesday, highlighting their track record and rating differentials, and while 2025 issuance is unlikely, one pioneering issuer noted that timing has previously surprised.
Reciprocity key for EBA; fears linger despite UK PRA U-turn
The EBA flagged the role of reciprocity for third country equivalence at an ECBC plenary on Wednesday, highlighting the importance of a PRA U-turn, but a German bank investor suggested that damage had already been done. Meanwhile, it will take a pass on ESNs.
Trio show size and price back on table post tariff turbulence
The success of new euro benchmark covered bonds for CCF, CIBC and SEB today suggests issuers can target similar outcomes to those achieved before the Trump administration’s tariff moves destabilised markets, according to syndicate bankers, after Iccrea restarted supply yesterday.
Nominations, please! The CBR Awards for Excellence 2025
The Covered Bond Report has begun deliberations for its Awards for Excellence 2025, ahead of revealing the winners at our conference in Frankfurt on 26 June, so please let us know who is deserving of recognition.
Skipton profits from stability, PRA move, for strong £500m
Skipton Building Society hit a high in demand for its sterling covered bond issuance yesterday, attracting a peak £1.4bn-plus and final £1.1bn-plus of orders to a £500m short five year FRN that benefited from a calmer backdrop and recent UK PRA decision.
BPCE exceeds expectations as long 5s draw €4.3bn book
BPCE SFH today launched the first and only euro benchmark so far this week, a €1.25bn long five year that attracted a bumper €4.3bn of orders, with the intermediate maturity and investor-friendly approach of the French issuer cited as factors in its success.
Caffil jumps on Trump ‘pause’ to smartly sell €1bn green 10s
A turnaround in financial markets in response to US president Donald Trump’s retreat on tariffs yesterday was this morning leapt on by Caffil, who reopened the primary market sooner than expected with a successful €1bn 10 year green covered bond on reasonable terms.
Recent news
- Hopes reined in after Tuesday proves to be eye of the storm
- DZ Hyp to test long end after Aareal, ABN top expectations
- Nordea makes short work of Friday 3s for ‘super-tight’ level
- Danish Ship Finance seizes moment with enhanced profile
- Stadshypotek takes Nordics to sevens at minimal NIP in €1bn
- Paragon pioneers buy-to-let in RMBS-to-covered bond shift
- DZ Hyp takes Germany to 7s, tests investor price sensitivity
Latest benchmarks and subs
| Achmea Bank | |||
| EUR500m | 2.500% | 2030 | +36bp |
| Swedbank | |||
| EUR1bn | 2.500% | 2030 | +33bp |
| PKO Bank Hipoteczny | |||
| EUR500m | 2.500% | 2029 | +45bp |
| Wuestenrot Bausparkasse | |||
| EUR500m | 2.750% | 2032 | +41bp |
| BPCE SFH | |||
| EUR1bn | 3.250% | 2035 | +68bp |
| Click issuer for more | |||
Categories
CBPP3»
5/05/23 •
Covered bonds seen well set for July end to CBPP3 era2/28/23 •
BHH shows life after CBPP3, HSBC Canada joins in fives2/21/23 •
NN, Sabadell successfully hit last CBPP3 primary orders
Dollars»
12/06/23 •
Dollars offer pbb unexpected cheer amid tricky conditions5/19/23 •
Westpac $1.75bn fives open 2023 dollar covered strongly12/09/22 •
RBC, BMO back for Canadian last hurrah in dollars, sterling