Haspa enjoys fruits of ESG efforts in €500m green first
Hamburger Sparkasse issued the first green euro benchmark covered bond of 2026 yesterday, a €500m seven year debut Green Pfandbrief that benefited from its scarcity and ESG credentials to achieve a strong result in terms of demand and price, according to Haspa’s Felix Zillmann.
DKB steps up to €1bn as investors welcome 15 year
Deutsche Kreditbank sold its biggest covered bond since 2006 and the longest-dated benchmark of 2026 yesterday, a €1bn 15 year Pfandbrief that generated a bumper €4.4bn book flat to fair value, vindicating the bank’s issuance strategy, according to funding officer Clemens Lukitsch.
Schwäbisch Hall, Hypo OOE ride out Greenland tensions
Bausparkasse Schwäbisch Hall and Hypo Oberösterreich successfully issued a benchmark and a sub-benchmark, respectively, yesterday and today (Wednesday), with the euro covered bond market otherwise subdued this week in the shadow of President Trump’s Greenland-related threats.
Principality covered debut hits targets, adds funding flexibility
Principality Building Society successfully inaugurated a €5bn Regulated Covered Bond programme on Wednesday, in a £500m five year Sonia-linked trade that hit its size and price targets, with the instrument now giving the financial institution greater optionality and flexibility in its funding.
DZ hires Lee in Asia-Pacific push
DZ Bank has hired Chad Lee from BNP Paribas to become its head of debt capital markets for Korea and China.
Bank Leumi brings Israel into covered bond fold with debut
Bank Leumi, the largest Israeli bank, successfully led the country into the covered bond market on Tuesday, as its €750m five year structured debut attracted €4.6bn of orders, opening up new investors for Israel and its banking industry, according to head of capital markets Omer Ziv.
Caffil gets record €10bn book in climax to French 10s frenzy
Caffil was last, but most definitely not least, in a series of four French 10 year covered bonds last week, generating a book of €10.1bn – the biggest for a euro benchmark, as investors seized upon attractive yields and relative value, according to Sfil head of funding and treasury Gonzague Veillas.
£1bn fixed rate tranche helps Nationwide to sterling high
Nationwide executed the largest sterling benchmark covered bond transaction since at least the financial crisis on Wednesday, a £1.75bn dual-tranche deal that included a short seven year fixed rate tranche, which head of secured funding Richard Merrett said exceeded expectations.
Recent news
- Arkéa 10s draw €3.6bn at fair value in prelude to wider start
- Key covered bond risk weight halved in ECON draft report
- Good times set to roll into 26, vdp issuance survey finds
- 2026 supply of €160-170bn flagged as ‘tipping point’ nears
- Little appetite for reopening ‘Pandora’s Box’ post EBA
- Lloyds reaps tight rewards in strong £1bn covered return
- ‘Pragmatic’ Caffil ends 2025 with positive €1.25bn trade
Latest benchmarks and subs
| Aareal | |||
| GBP250m | 4.125% | 2029 | +65bp |
| Hypo | |||
| EUR300m | 2.625% | 2030 | +24bp |
| OTP | |||
| EUR500m | 3.161% | 2032 | +53bp |
| SMBC | |||
| EUR850m | 2.875% | 2031 | +34bp |
| Haspa | |||
| EUR500m | 2.875% | 2033 | +20bp |
| 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
