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