Barclays
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Crédit Agricole CIB's head of covered bond and SSA research expects premiums to stay at current levels -
◆ French lender has placed €3bn of covereds already this year ◆ Order book peaked at just below €2bn ◆ The bond was 1bp outside French government debt, a banker said
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◆ UK lender's sixth public dollar covered bond of 2026 ◆ Issuer has placed dollar, sterling and euro covereds this year ◆ Deal size fixed at $1.5bn from $1.95bn order book
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Smaller order books and tighter new issue premiums characterise new phase
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◆ Portuguese bank tightened spread by 3bp ◆ First covered from issuer since October ◆ Banker said this is 'good level for issuer'
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◆ Sterling benchmark deal was printed at £1bn ◆ Fourth sterling covered from Canadian issuer in 2026 ◆ Lead managers picked comps at 48bp-57bp over
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◆ Deal met issuer's expectations says banker ◆ Issuer's previous euro covered was in September 2024 ◆ Managers picked comps priced 18bp-31bp over
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Many factors could affect the relative value of covered bonds and SSAs this year
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◆ Canadian issuer filled nearly all its orders ◆ TD got 'fantastic' book ◆ SpareBank 1's first covered deal since August
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◆ Bankers benchmarked trade against recent Canadian deals ◆ Issuer paid ‘couple of basis points” of NIP ◆ Latest in a series of sterling covered deals
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◆ Bankers pleased with first dollar deal in six months ◆ Price discovery was a challenge say bankers ◆ Deal described as more solid than some recent sterling deals
