Covered Bonds
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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
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◆ High spread attracts credit focussed accounts ◆ Strong demand for covered return ◆ Deal spotted 5bp tighter in secondary
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◆ No pick-up offered to French govvies ◆ Deal lands through fair value ◆ Investors still eager to pick up paper
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◆ Deal finds demand despite arrest of South Korea's president ◆ High single digit concession left for investors ◆ Leads added spread to calm concerns
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EGBs and USTs are having trouble too; what makes the UK any different?
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◆ Small French name attracts €3bn book ◆ Almost no premium needed ◆ Small pick-up to OATs no problem
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Early signs of a milder start to public bond issuance in 2025 than last year, but with one important caveat
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◆ Investors show little concern over sterling instability ◆ Deal comes flat to fair value ◆ Prices flat to peers and inside recent SSA supply
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◆ KEB Hana readies first non-European euro covered since October ◆ BSH to tap Pfandbrief demand ◆ Crédit Agricole plots public sector deal
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◆ Pair attract €9bn of combined final demand ◆ Little to no premiums needed ◆ Deals already tighter in secondary
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◆ First deal since HSBC France takeover ◆ Rarity means wide range of fair value ideas ◆ Issuer eyes most popular point of the curve
