Covered Bonds
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Fast money covered shorts following heavy selling two weeks ago -
Shorter deals from NordLB and KBC fared better than Baca’s 2029 note
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Two deals demonstrated ample demand for covered bonds across the maturity curve
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With covered bond new issue premiums in decline, French banks issued short and long dated tranches as more issuers prepare to print
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French issuer prints with 2bp-3bp NIP amid strong FIG primary market
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Pricing not too hot, not too cold but just tight as deals across capital structure land close to, or even through, fair value
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Markets are rarely this good. The smallest and weakest credits should get on with their funding
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Spanish bank offers six year 23bp tighter than Caja Mar's five year
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The bank’s single-B rating was no bar to investors who placed peak orders of €2bn
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Even though French lender has raised €4.25bn, concessions have fallen
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Potentially difficult deals from UniCredit, Aareal and Oma went superbly well
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ING paid hardly any premium, yet hauled in excessive demand
