Covered Bonds
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LatAm agency brings second digital bond this year in the currency -
Specialist investors and strong names dominate as issuers stretch out to 15 years
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◆ Sub-benchmark note tightened by 10bp ◆ 15bp reoffer came 2bp inside fair value, says lead ◆ Another lead 'very surprised' by market's response
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◆ French issuers weighing deals for next week ◆ 'Smaller projects' may come this week ◆ Blackouts blamed for Wednesday's drop in issuance
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◆ Deal executed after 7bp of tightening ◆ Banker said spread represented fair value depite busy day for euro issuance ◆ Deutsche Kreditbank goes long amid thriving Pfandbriefe issuance
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◆ German bank started wider at 50bp before tightening ◆ DKB is known for issuing at the long-end ◆ Bond is trading as much as 2bp tighter in secondary
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◆ Aussie bank tightened 9bp through execution ◆ Deal more than six times oversubscribed ◆ Bank's last euro covered was in September 2023
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◆ Australian bank planning €500m covered ◆ Issuer's first euro deal since September 2023 ◆ Barclays, Natixis and UBS are lead managers
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◆ Issuer tightens by 7bp during execution ◆ Covered was first from issuer since September ◆ Aareal had market to itself on Friday
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Two recent covered bonds from new issuers offer insight into accessing asset class
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◆ Spread tightened by 5bp ◆ Banker put fair value just inside 58bp ◆ Canadian banks continue strong start to year in covereds
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◆ BayernLB lands covered at 23bp over mid-swaps ◆ Banker says deal landed at fair value ◆ PBB achieves 'blow-out deal'
