Strong H1 puts €180bn 2026 in sight, but spreads still safe
Strong supply in the first half of the year has led some analysts to raise their forecasts for fully year euro benchmark issuance towards €180bn, but a consensus remains that modest net supply in the second half should support the spread performance of covered bonds.
The CBR 2026 Awards for Excellence: Our winners
We are delighted to share with you the 14 institutions and issuances recognised in The Covered Bond Report Awards for Excellence 2026, following their announcement at the Covered Bond Investor Conference in Frankfurt yesterday (Thursday).
Pfandbrief conditions seen easing after buoyant first half
Issuance conditions for Pfandbriefe are expected to remain positive, but ease from this year’s peaks, according to the Association of German Pfandbrief Bank’s latest half-yearly member survey, after the market proved resilient to geopolitical developments in the first half.
EuGB a ‘perfect fit’ for BPCE, debut gets €5bn-plus book
BPCE became the first French commercial banking group to issue an EuGB last Monday, as BPCE SFH sold a €1.5bn 6.5 year that drew a €5bn-plus book and is only the second EuGB covered bond, with the issuer describing the format as a perfect fit given its sustainability efforts and ambitions.
Advantage securitisation, as covered miss risk weight cut
Covered bonds are set to face a risk weight disadvantage relative to the highest quality securitisations after a proposed CRR amendment to improve the treatment of European Covered Bonds (Premium) was dropped from the ECON Committee’s final position on an EU securitisation package.
The German Sparkassen Pfandbrief Roundtable 2026
The red “S” is an increasingly recognised sign in not only Germany, but also the international capital markets, as the Sparkassen step up their syndicated issuance. Four such savings banks and sponsor NORD/LB joined our latest roundtable to discuss how they are tackling the Pfandbrief market, ESG issues, and evolving business dynamics.
Nominations please! The CBR Awards for Excellence 2026
The Covered Bond Report will be announcing the winners of the 2026 edition of our Awards for Excellence in conjunction with our annual Covered Bond Investor Conference on 25 June in Frankfurt, and we are kicking off the process with a call for nominations.
EMF-ECBC calls for pan-EU mortgage guarantee scheme
The European Mortgage Federation-European Covered Bond Council has called for a “28th regime” mortgage guarantee scheme as part of a package of measures it argues would support the bloc’s broader economic and political targets, and further integration of mortgage markets.
Recent news
- Green bid delights as Nordea leads covereds into EuGBs
- LBBW ups buyback to €1bn as LM combo exceeds hopes
- SR-Boligkreditt sees green a factor in book high, zero NIP
- Arion defrosts Icelandic mart as Aa1 helps it to record book
- Haspa enjoys fruits of ESG efforts in €500m green first
- DKB steps up to €1bn as investors welcome 15 year
- Schwäbisch Hall, Hypo OOE ride out Greenland tensions
Latest benchmarks and subs
| ANZ | |||
| GBP1.25bn | FRN | 2030 | +50bp |
| Paragon | |||
| GBP500m | FRN | 2029 | +50bp |
| BMO | |||
| USD2bn | 4.359% | 2029 | +40bp |
| Deutsche Kreditbank | |||
| EUR1bn | 3.375% | 2038 | +37bp |
| CFF | |||
| EUR750m | 2.875% | 2029 | +17bp |
| Click issuer for more | |||
Categories
Regulation»
11/5/26 •
Advantage securitisation, as covered miss risk weight cut09/4/26 •
EMF-ECBC calls for pan-EU mortgage guarantee scheme16/12/25 •
Key covered bond risk weight halved in ECON draft report
Sterling»
20/1/26 •
Principality covered debut hits targets, adds funding flexibility09/1/26 •
£1bn fixed rate tranche helps Nationwide to sterling high31/10/25 •
Lloyds reaps tight rewards in strong £1bn covered return