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None of the four largest covered issuers of 2024 made the top five by deal volume in 2025
Natixis has grown its covered bond business in Australia and the Nordics this year, its head of FIG DCM said
December is a strange time to be in the capital markets. Embrace it
Sub-sections
Sub-sections
Deal reviews
◆ Canadian bank taps Swissies for second time in 2025 ◆ Covered bond raises Sfr335m in line with order book ◆ Deal prices close to fair value
Akademiska Hus and Pfandbriefzentrale look for funding in Swiss francs
◆ Deal size matches bumper Scotia sale ◆ Sterling shows no signs of slowing, say bankers ◆ NAB previously tapped dollars and euros this year
◆ Bookrunners keen to test boundaries with pricing ◆ Strong order book attracts high proportion of real money investors ◆ Trade tightened by 6bp
Opinion
◆ Why buy bonds when spreads are so tight ◆ Using tech to unearth new economic signals ◆ Playing the shifting relative value pitch
Diversifying demand... coming inside euros... landing flat to dollars... the UK market looks tasty
Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds
The UK will do better with tactical retreats on regulation than risking being outflanked by the US's wildcat banking regime
Analysis
Covered bond redemptions are set to increase by €20bn next year and €30bn in 2027
Strong demand for slim supply could tempt issuers to access the market before Christmas
No investors involved in Caffil's latest deal mentioned concerns over French risk
Issuers' desire to put covered pre-funding to one side suggests concerns over bumps ahead
More articles
More articles
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◆ Book grows after spread set ◆ Premium offered to investors ◆ Recent sovereign downgrade not a concern -
◆ A bank advised Nationwide of strong fixed sterling bid ◆ RMBS was another option ◆ 'New accounts' participated in deal
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