Covered Bonds
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◆ Both legs of dual tranche tightened ◆ Only one covered has landed tighter this year ◆ Banker said both tranches were at fair value -
Newfoundland prints 20 year, Crédit Agricole debuts a green covered bond
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Market tipped to be a marathon, not a sprint, as Aareal Bank becomes fourth issuer of 2026 and fixed rate tranches take root
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Asset manager becomes first Korean entity to issue digital bonds in private placements
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Absence of larger covered bond issuers provides a window for smaller deals
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◆ German bank fixed spread and size at outset ◆ Issuer not 'closely followed in UK' ◆ Niche sterling issuer meant 'no clear reference for FV'
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◆ OTP Mortgage Bank order book outstrips previous demand ◆ Tightening in line with recent performance, says banker ◆ OTP becoming 'more established' as covered issuer
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◆ Issuer tightens spread by 8bp ◆ Deal prices outside comps ◆ Lack of Japanese covered bond law affects demand, says banker
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◆ Deal was priced tighter than the issuer's previous covereds ◆ Banker said spread tightening 'speaks for itself' ◆ Second banker put spread through FV
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◆ Hamburg-based bank tightened spread through execution ◆ Banker said MunHyp deal on Monday paved the way ◆ Second banker said deal benefitted from ‘stronger sentiment’
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◆ Canadian banks ramp up European senior and covered funding ◆ BMO restarts this year's unsecured sterling issuance from the sector ◆ Deal provides more favourable funding than euros
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◆ €500m no-grow tightened by 7bp ◆ Issuer hits fair value, says lead ◆ Order book held up well through execution
