Covered Bonds
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International borrowers back in Swiss francs as long tenors find traction -
Foreign investors show confidence in French assets, including innovative defence financing deal, as political concerns grow
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◆ Deal is first since French PM called confidence vote ◆ Some concession left on top of wider secondary levels ◆ Bankers call French covered paper 'attractive'
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◆ Four years is the 'sweet spot' ◆ Existing curve ignored during pricing ◆ Slim premium paid over recent deals
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◆ Slim premium paid for popular deal ◆ Outstanding bonds ignored during pricing ◆ Good chance to pick up high spread UniCredit exposure
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◆ Deal prices through fair value ◆ Strong bid for non-European names on display ◆ Trade spotted tighter post-pricing
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◆ Softer open no problem for Dutch bank ◆ Market ready and willing to buy size ◆ Investors show large preference for one tranche over the other
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Rare green bond from Zug Estates added diversity to this week’s Swissie issuance
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Lower than expected issuance volume to keep covered spreads tight into the autumn
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◆ Deal to build on strong bid for non-European paper ◆ Investor call scheduled for next week ◆ 50bp area start possible, say bankers away from deal
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◆ Deal lands at record spread through OATs ◆ Immediate performance pushes OAT spread tighter ◆ Investors still keen despite tight price
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◆ Deal one of the tightest of the year ◆ Granular book peaks at over €2.2bn ◆ Slim to no premium paid
