ING
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Smaller order books and tighter new issue premiums characterise new phase -
◆ Issuer attracted order book of €1bn ◆ Bid-to-cover ratio was consistent with recent precedents◆ Fair value not easy to establish
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European and other regulators are working on reforms to make covered bond funding more efficient
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◆ Bank prints first Belgian covered in over six months ◆ Issuer caps order size at €750m from start ◆ Covereds this week offering more new issue concession
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◆ €1.5bn covered is ING's first of 2026 ◆ 5bp of concession ◆ 'Sweet spot' tenor
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Higher yielding bank capital remains popular in dollars as HSBC stretches out to a 10 year non-call period
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◆ Issuance plans were disrupted by war in the Middle East ◆ Spread tightened by 4bp ◆ NIBC is going to be acquired by ABN Amro
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◆ Issuer's first in almost a year ◆ Issuer opts for no-grow deal ◆ Investors show greater price despite stronger market on Monday
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Market participants agree new issue premiums will go up when the Iran war ends, but not by how much
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The lack of covered bonds priced this week has focused minds on the the specific requirements of investors and issuers
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Research suggests up to €23bn of new covered bonds could still be issued in March
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◆ NAB executed at 30bp over mid-swaps threshold ◆ Banker said deal was 'in line with what was expected' ◆ Leads chose three Canadian covereds as comps
