Covered Bonds
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◆ Highly regarded issuer prints longest covered bond for three years ◆ Deal is more expensive than SSA debt... ◆... but investors show strong demand at 'fair' price -
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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◆ Crédit Agricole aims for 5.5 years, SR-Boligkreditt goes for fives ◆ The belly home to the greatest demand ◆ Paid land tight to peers and own curves
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German lender plans rare 20 year deal
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Issuers expected to squeeze in before tariff volatility returns and summer holidays start
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◆ Australian lender takes size ◆ Redemption wall could fuel demand ◆ Dollars could offer an alternative to tarnished sterling
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◆ Final spread looks attractive for a sub-benchmark deal ◆ Book almost five times covered ◆ Low single digit concession offered
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◆ Five year tranche more demand than 10 year ◆ Different NIPs for each tranche ◆ Sizes beat expectations
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◆ Aussie lender ends more than two year absence ◆ Little or no premium paid ◆ Deal lands close to eurozone paper
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Investor sensitivity means lower spread moves and smaller book cover levels
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◆ Mid-single digit premium paid ◆ Deal attracts slim yet granular book ◆ Benchmark Austrian supply down by two thirds
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The Aussie bank will visit four European cities next week during the deal's roadshow
