Covered Bonds
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The euro market has struck a delicate balance when it comes to pricing and sizing -
Diverse range of deals shows investors remain eager to play as diversification considerations intensify
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US covered bonds could fill the triple-A rated void left by the sovereign's downgrade
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◆ PBB opts for four year deal ◆ Marginal drops as German issuer tightens spread ◆ Investors appreciate the room for performance
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◆ Single digit premium paid ◆ Slim pick up offered over Canadian peers ◆ Canadian covered paper lower in euros this year to date
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◆ Bookbuild momentum slows due to Bloomberg outage ◆ Multiple ways of coming up with the same fair value ◆ 10 years appeals to duration and yield seekers
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Deals across asset classes are back on track after unusual marketing extension
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◆ BayernLB ends two year public sector Pfandbrief absence ◆ Tatra issues for the first time this year ◆ Little to no premium needed for either deal
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◆ Eika picks sevens for second deal of 2025 ◆ Investor limits restrict pricing ◆ Single digit premium paid
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◆ Combined demand closes at €2.9bn ◆ Little to no premium needed for either leg ◆ More size taken at the long end despite smaller book
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Insurers and asset managers drive long dated revival
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◆ Deal attracts strong early momentum ◆ Slim premium paid as HVB lands size ◆ Pick-up offered over German SSAs
