Covered Bonds

Latest News

  • Canadian covered bond issuers to turn on the taps

    Canadian covered bond issuers to turn on the taps

    Bankers are confident that Canadian covered bond issuance will resume after the Bank of Canada withdrew the repo eligibility of retained covered bonds, while honouring existing repo deals. But bankers are split as to whether supply will restart in early December or be deferred until next year.

  • ECB: almost half of banks are finished with TLTRO III

    ECB: almost half of banks are finished with TLTRO III

    Nearly half of Europe’s banks do not intend to participate in the next rounds of the targeted longer-term refinancing operations (TLTRO III), according to the results of a new survey published by the European Central Bank this week.

  • MuHyp to issue rare 20 year Pfandbrief

    MuHyp to issue rare 20 year Pfandbrief

    Muenchener Hypothekenbank has mandated leads for a rare 20 year covered bond benchmark, the first from a German issuer this year and only the third from the whole market. Rates have collapsed rendering the recently popular 15 year tenor less attractive.

  • Investors spot a silver lining in record retained covered bond issuance

    Investors spot a silver lining in record retained covered bond issuance

    Investors are sanguine about the fact that covered bonds pledged for repo with central banks hit a new record this year. Although issuers acknowledge the need to appear regularly with benchmarks in the public market, some have scaled back, but this is likely to prove temporary.

  • Science-based targets could help banks wrestling with climate risk

    Science-based targets could help banks wrestling with climate risk

    UK banks and building societies are struggling with difficult aspects of incorporating climate change into their risk management, as demanded by the regulator, a PwC survey has found. The answer to some of their problems could be a non-risk initiative: science-based targets.

  • Indian dual recourse flies as covered bond hopes build

    Indian dual recourse flies as covered bond hopes build

    Dual recourse structures have become increasingly popular in India after last year’s debut from Kogta Finance. And with the sanctity of bankruptcy remoteness successfully tested in the courts, sentiment towards such structures has improved further. This could help pave the way for a national champion bank to test appetite for Indian covered bonds, which would offer the country's lenders a source of long-term diversified funding that they can't get from deposits.

  • DZ hits covered bond sweet spot with well-timed Pfandbrief

    DZ hits covered bond sweet spot with well-timed Pfandbrief

    DZ Hyp returned to the covered bond market for the fourth time this year on Thursday to issue a €1bn eight year mortgage Pfandbrief. The deal showed that any uncertainty over the relative value of covered bonds has been firmly swept away after the European Union’s blow out debut earlier this week.

  • Coventry takes Godiva to covered bonds

    Coventry takes Godiva to covered bonds

    Coventry Building Society (CBS) has set up a second covered bond programme that is secured exclusively on the mortgages originated under its buy-to-let Godiva platform, which had previously been funded through its Mercia RMBS programme. Although the covered bonds require more collateral to reach the same rating, they offer greater funding flexibility as they can be pledged for repo and are eligible for the liquidity coverage ratio.

  • Singapore slings old 4% covered bond limit

    The Monetary Authority of Singapore (MAS) has substantially increased its covered bond issuance limit which had stood at 4% of assets on an issuer’s balance sheet. This, along with very strong market conditions, should help to induce the country’s borrowers, which have not printed in euros for more than two years, to make an appearance before the year is out.

More Stories

   



THE EUROMONEY ECBC VIRTUAL COVERED BOND CONGRESS 2020

  • Covered bond conference 

  •  

  • 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 

  •  

 

 

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.