Covered Bonds

Latest News

  • Bank of Cyprus handed covered rating boost

    Bank of Cyprus handed covered rating boost

    The Bank of Cyprus had its covered bond rating bumped up by Moody’s this week, as the agency considered the recent upgrades to the sovereign and issuer ratings, as well as “positive developments of the Cypriot housing market”.

  • Pool diversification to insulate covered bonds from flood risk

    Pool diversification to insulate covered bonds from flood risk

    The recent floods in western and central Europe could have an impact on covered bond pools. However, despite uninsured losses expected to total in the billions, covered borrowers are likely to remain insulated thanks to the diversification of their pools.

  • Taper talk dominates ahead of Fed meet

    Taper talk dominates ahead of Fed meet

    Market participants expect the Federal Reserve could address the topic of tapering at its meeting later today; however, the spread of the Delta variant may cause the central bank to put any talk on hold until its Jackson Hole Symposium next month.

  • Banks expected to eschew early TLTRO repayments

    Banks expected to eschew early TLTRO repayments

    Market participants do not expect banks to repay their targeted longer-term refinancing operations (TLTROs) borrowings early when a window opens next month, though the primary market would retain plenty of capacity to swallow up any increased issuance.

  • MunHyp keeps Swissies ticking

    MunHyp keeps Swissies ticking

    Muenchener Hyp (MuHyp) was the sole representative in the Swiss franc market this week, as it tapped demand for long end paper.

  • ECB to swerve rate hikes for years after revising forward guidance

    ECB to swerve rate hikes for years after revising forward guidance

    The European Central Bank made a bold change to its monetary policy on Thursday, effectively pushing any prospect of interest rate hikes into the distant future, making them unlikely before the middle of the decade. Frank Jackman, Lewis McLellan and Burhan Khadbai report.

  • EBA signals record rise in asset encumbrance

    EBA signals record rise in asset encumbrance

    The ratio of encumbered assets over total assets increased by its largest ever margin last year, according to a report this week from the European Banking Authority, which attributed the increase to lenders making “extensive use” of central bank facilities during the pandemic.

  • Sustainable covered bonds on course for record year

    Sustainable covered bonds on course for record year

    Sustainable covered bond issuance could hit a record high in 2021, and with the ECB considering introducing mandatory climate disclosures for its collateral and purchase programmes, analysts expect the sector to find growing market support over the next few years.

  • PMM: Primary pace slackens

    PMM: Primary pace slackens

    Across the markets covered by the PMM, issuance volume has remained roughly consistent in each of the last four weeks, averaging just over $35bn, with last week's total reaching $41bn. However, last week the number of transactions plummeted from an average of 29 each week in the three weeks before to just 13.

  • CBA ends covered MTN absence

    CBA ends covered MTN absence

    Commonwealth Bank of Australia (CBA) has returned to the long end of the covered bond market sell its first private placements in the format since 2019.

  • Covered bond traders positive on spreads as they await ECB

    Covered bond traders positive on spreads as they await ECB

    The spread outlook for covered bonds is likely to remain positive over the summer period, said traders, even though yields are negative. The main risks to that prognosis are likely to emanate from the possible course of inflation.

  • Bank buyers quit covered bonds but spread outlook optimistic

    Bank buyers quit covered bonds but spread outlook optimistic

    Covered bond investor demand has suffered over the past few months with the onset of competing supply from the EU in the SSA market. Despite that, investors have been broadly optimistic on the outlook, particularly in intermediate maturities.

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THE EUROMONEY ECBC VIRTUAL COVERED BOND CONGRESS 2020

  • Covered bond conference 

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  • On September 9-10, 2020 Euromoney and the ECBC hosted the eighteenth annual meeting for the international covered bond market, virtually.

  • Key figures:

    • 3,030 hours spent on the platform
    • An average 4.30 hours spent on the platform by each delegate
    • 740 unique visitors from 40 countries
    • 35,000 visits to the platform

    To find out more and watch the sessions, click here 

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Roundtable

  • Covered bonds through Covid: the French issuers’ perspective

    Funding officials from Caffil, Credit Mutuel Arkéa and La Banque Postale gathered in early July to take part in a roundtable to discuss how they navigated their way through the peak of the crisis when covered bond market volatility was at its highest, and how they expect to manage funding in its aftermath, as the pernicious impact of the pandemic takes its toll.