BMO Capital Markets
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◆ Aussie issuer tightens 5bp from IPTs ◆ First sterling covered from issuer since November 2023 ◆ Aussie banks have been busy in covered bond market -
Asset managers and hedge funds are set to continue buying covered bonds because of their yields which are averaging around 3%
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Covered issuance 'more or less done for now,' analysts say
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New issue premiums have remained around 2bp despite five deals in the past two weeks compared with 12 in the previous two weeks
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British bank picks four leads to run its second public sterling BTL mortgage covered bond
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◆ Canadian issuer tightened spread by 2bp ◆ Bank's seventh tranche of covereds of 2026 ◆ BMO has placed dollar euro and sterling covereds since January
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BMO and the Singapore-based arm of Standard Chartered brought new types of issuance this week
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◆ First fixed rate sterling covered since February ◆ Order book was 1.5 times oversubscribed ◆ Tenor made the deal 'more competitive', says banker
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◆ First covered bond from DBS since October ◆ 11th dollar covered bond issued this year ◆ Diverse set of deals lined up to follow
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Nvidia's $25bn seven-tranche offering matched Meta’s issuance in late April which are only smaller than Amazon’s $37bn print from March
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◆ 4NC3 structure helped differentiate from previous deals ◆ Premium paid ◆ Softer market tone after heavy week
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◆ German issuer's covered was 3bp inside previous tightest ◆ Banker said tightest covered for 2.5 years ◆ Third German covered bond this month
