Pfandbrief issuers bask in demand, but forecast mixed
The vdp Issuance Climate survey recorded a positive overall score for the first time last month, with the Pfandbrief component also achieving its highest ever score in its sixth biannual iteration, although the prospects for the next six months are mixed.
Bertalot: Prepare for action as ‘wind of change’ hits Brussels
Changing priorities in Brussels, with the omnibus simplification package, augur radical changes to the regulatory landscape, according to the ECBC’s Luca Bertalot, who said it is ready to support a new capital markets paradigm, and its members post EBA’s report.
The CBR 2025 Awards for Excellence: Our winners
We are delighted to recognise the 14 winning institutions and issuances of The Covered Bond Report Awards for Excellence 2025, following their announcement at the Covered Bond Investor Conference in Frankfurt yesterday (Thursday).
DZ to lead covereds as FIG mart rides out Iran bombing
DZ Hyp is set to hit the market with a short 10 year benchmark mortgage Pfandbrief tomorrow and at least two other issuers are said to be waiting in the wings, after the FIG primary market rode out the aftershocks of the US attack on Iranian nuclear sites.
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.
Recent news
- Nominations, please! The CBR Awards for Excellence 2025
- Skipton profits from stability, PRA move, for strong £500m
- BPCE exceeds expectations as long 5s draw €4.3bn book
- Caffil jumps on Trump ‘pause’ to smartly sell €1bn green 10s
- 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
Latest benchmarks and subs
| Westpac NZ | |||
| EUR750m | 2.696% | 2030 | +45bp |
| Arkea SCF | |||
| EUR500m | 3.226% | 2035 | +67bp |
| DBS | |||
| EUR1.25bn | 2.429% | 2029 | +32bp |
| DZ Hyp | |||
| EUR1bn | 3.000% | 2035 | +46bp |
| Achmea Bank | |||
| EUR500m | 2.500% | 2030 | +36bp |
| 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
