Covered Bonds

Meanwhile, BNP Paribas hires in structured finance

Shrinking spreads between the two asset classes have left investors asking if the risk of senior debt is worth it

◆ Thursday's only covered deal, possibly February's last ◆ French issuer likes dual tranche format ◆ 'Disconnect' between primary and secondary markets apparent, says banker

◆ 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

◆ Issuer's largest covered deal at its tightest spread ◆ Banker said Korean lender is ‘well-liked’ by investors ◆ Pricing seen at fair value despite 'scarce liquidity' in secondary curve

◆ Italian bank placed bond after tightening 7bp ◆ Banker said paucity of Italian covereds helped ◆ Covered market has slowed despite strong performance

◆ German bank pays small new issue premium ◆ Issuer could have tightened further, banker says ◆ Deal latest in raft of public sector covereds this year

◆ Order book smaller than issuer’s last covered in January ◆ Banker said covered bond market has reached plateau ◆

◆ Norwegian bank increases size ◆ Issuer meets spread objective ◆ Banker said he drew confidence from secondaries

◆ Italian bank landed price and size with latest offering ◆ Deal was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’

◆ New Zealand bank tightened spread close to FV ◆ Bond more than three times subscribed ◆ Banker said spread struck a fair balance

◆ Bank closed order book at €1.85bn ◆ Larger size, tighter spread than issuer's last covered ◆ Order book was 'brilliant', says banker