Covered Bonds

Equalising risk weightings of covered bonds and resilient STS securitizations at 5% is sound

Unsecured bonds could become more expensive to issue, covered bonds cheaper

We are proud to publish our special report, which looks ahead to 2026 across all asset classes and recognises the best new bonds of 2025

The euro covered bond market shook off a volatile end to 2024 to rebound with a raft of exceptionally popular deals in 2025. Investors appeared eager to pile into euro covered bond books this year, propelling bid-to-cover ratios upwards and new issue premium downwards, writes Frank Jackman

Covered bond funders will have to weave their way through tight senior unsecured and wide SSA spreads in 2026 if they are to refinance the wave of redemptions that awaits them. One big question for the year ahead, discovers Frank Jackman, is whether issuers will be tempted to pay up for duration

The European FIG market rode through 2025 on high demand for credit, providing bank issuers, large and small, with extremely advantageous funding conditions. Although investors have also benefitted from strong secondary market performance, as Atanas Dinov reports, that equilibrium may change in 2026, with anticipation mounting that spreads will widen

Aroundtown and Toyota tap private markets as public supply winds down

Implementation could push covered spreads closer to govvies and SSAs

Funding head Ruud Jaegers on pioneering green bonds, pricing dynamics of EuGBs and heavier focus on senior preferred issuance

Bank's head of DCM and syndicate chief talk bond market expansion plans

Clearstream and the VDP are working together to get system working by end of 2026

German bank's report says French covereds will likely remain competitive