BMO Capital Markets
-
BMO and the Singapore-based arm of Standard Chartered brought new types of issuance this week -
◆ First fixed rate sterling covered since February ◆ Order book was 1.5 times oversubscribed ◆ Tenor made the deal 'more competitive', says banker
-
◆ First covered bond from DBS since October ◆ 11th dollar covered bond issued this year ◆ Diverse set of deals lined up to follow
-
Nvidia's $25bn seven-tranche offering matched Meta’s issuance in late April which are only smaller than Amazon’s $37bn print from March
-
◆ 4NC3 structure helped differentiate from previous deals ◆ Premium paid ◆ Softer market tone after heavy week
-
◆ German issuer's covered was 3bp inside previous tightest ◆ Banker said tightest covered for 2.5 years ◆ Third German covered bond this month
-
◆ Italian issuer's first covered since June 2023 ◆ Demand for seven year tranche was pleasing, says one banker ◆ Scarcity helped demand for euro transaction
-
◆ 5bp of tightening is the ‘standard’, said banker ◆ NatWest’s covered slightly wider than tightest sterling this year ◆ Fifth covered on a Friday this year
-
◆ Banker said deal offered small new issue premium ◆ Green label was 'helpful' if not 'decisive' ◆ Bank has issued 15 tranches of covereds in three years
-
◆ Order book peaked at over €3bn ◆ Finnish lender tightens both tranches by 6bp ◆ Issuer's previous covered was in March
-
Proposals to lower Liquidity Coverage Ratio haircuts has reignited hopes of equivalence
-
◆ Issuer tightened three year more than its seven year ◆ Both tranches close with €1bn sizes ◆ The bank's previous covered priced in May 2023
