Covered Bonds

◆ Book crosses €3bn after 45 minutes ◆ Investors eager to buy any and all covered bonds ◆ Demand allows for next to no premium

◆ Deal the UK lender's largest since 2010 ◆ Little to no premium paid ◆ UK paper in euros pricing close to EU peers

No competition expected as investors hunger for covered paper across the curve

If bankers face tough rules over personal investments, shouldn’t politicians too?

◆ How the bond market will drive CCMM to provide more climate tech cash ◆ Multilateral development bank hybrid capital — and may have found its niche ◆ Covered bond market roars back to life but will it last?

◆ Deal seven times covered ◆ No premium paid to fair value or govvies ◆ French investors unsure on OAT spread, others happy to buy

SSA spreads present the only major hurdle for rampant covered bond revival

Senior issuance remains the preferred funding route for European banks despite impressive covered bond recovery

◆ BPCE attracts €5.3bn, Navarra €3.5bn ◆ Small concessions to fair value and govvies ◆ Longer dated Spanish deal lands inside higher rated French name

◆ High spread attracts credit focussed accounts ◆ Strong demand for covered return ◆ Deal spotted 5bp tighter in secondary

◆ No pick-up offered to French govvies ◆ Deal lands through fair value ◆ Investors still eager to pick up paper

◆ Deal finds demand despite arrest of South Korea's president ◆ High single digit concession left for investors ◆ Leads added spread to calm concerns