Covered Bonds
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The high spread and short tenor helped haul in demand on a difficult day -
The long tenor was a bone of contention and investors had plenty of other deals on offer
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Despite its rarity as an issuer, the Spanish lender struggled to win investors’ attention in a busy market
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Good two-way flows across all sectors point to resilient market
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The Dutch seven year covered bond was priced 4bp wider than a 10 year issued last week
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Superior deals from BPCE and UniCredit Bank Austria showed ‘the power of green’
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A generous concession ensured execution certainty for the troubled lender
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Investors show less inclination to buy longer tenors from smaller names
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Issuer benefited from its credit strength and rarity in primary markets
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Cantonal lenders have a ‘perfect’ spread difference to govvies and high rated Swiss comparables
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But demand was considerably below its debut offering
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The Finnish deal offered a substantial premium over benchmark sized deals
