Euro covered bonds will have to stand on their own two feet next year for the first time since 2014 as net CBPP3 purchases end, with heavy supply expected to drive spreads wider as a reduced bloc of investors hold sway.
While other banks have struggled to hold on to their market share as issuance has fallen, HSBC stood out for its ability to generate momentum across the international bond markets. It is IFR’s Bond House, SSAR Bond House, Covered Bond House and Asia Bond House of the Year.
The past year has been a period of volatility and repricing, market-moving tweets and pulled deals, requiring issuers to be calculated yet nimble. This applied even to covered bonds, often labelled banks’ “rainy day” product. No covered bond navigated this environment better than Nordea Mortgage Bank’s record-setting €2bn dual-tranche, five and 15-year deal in February.