Covered Bonds
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◆ German bank pays small new issue premium ◆ Issuer could have tightened further, banker says ◆ Deal latest in raft of public sector covereds this year -
◆ Order book smaller than issuer’s last covered in January ◆ Banker said covered bond market has reached plateau ◆
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◆ Norwegian bank increases size ◆ Issuer meets spread objective ◆ Banker said he drew confidence from secondaries
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◆ Italian bank landed price and size with latest offering ◆ Deal was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’
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◆ New Zealand bank tightened spread close to FV ◆ Bond more than three times subscribed ◆ Banker said spread struck a fair balance
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◆ Bank closed order book at €1.85bn ◆ Larger size, tighter spread than issuer's last covered ◆ Order book was 'brilliant', says banker
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◆ Icelandic bank 'happy' with balance between spread and order book ◆ Treasurer noted importance of Aa1 rating ◆ New bond refinances 2021 issue
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◆ Spanish bank offers small NIPs for dual tranche deal ◆ Deal useful benchmark for other Spanish bonds ◆ Skew in demand reflects sensitivity at long end, says banker
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Market enters third chapter of 2026, in which issuers and investors strike a more equal balance even though issuers may need to pay up
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◆ Macquarie tightened by 6bp to 27bp over ◆ Banker said this represented ‘small new issue premium’◆ Bankers said investor demand for covereds is cooling
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◆ Swiss issuer placed both tranches at €750m ◆ Spreads on both tranches tightened by 5bp ◆ ‘This was a slower trade,’ says banker
