BMO Capital Markets
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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 -
◆ Italian issuer's first covered since June 2023 ◆ Demand for seven year tranche was pleasing, says one banker ◆ Scarcity helped demand for euro transaction
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◆ 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
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◆ 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
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◆ Order book peaked at over €3bn ◆ Finnish lender tightens both tranches by 6bp ◆ Issuer's previous covered was in March
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Proposals to lower Liquidity Coverage Ratio haircuts has reignited hopes of equivalence
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◆ Issuer tightened three year more than its seven year ◆ Both tranches close with €1bn sizes ◆ The bank's previous covered priced in May 2023
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Burst of deals this year in uneven market suggests investors want alternatives to Treasuries
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◆ Bank keen to diversify funding from euro ◆ Issuer paid a premium over its normal euro rate ◆ Bawag keen to establish a dollar curve with more issuance
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◆ Sterling trade was lender's third tranche of covereds this year ◆ 48bp was in line with fair value, a banker said ◆ Santander UK's first sterling covered since May 2025
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Bankers join on two continents as bank seeks to grow in public sector bonds
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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
