Covered Bonds
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◆ UK lender's sixth public dollar covered bond of 2026 ◆ Issuer has placed dollar, sterling and euro covereds this year ◆ Deal size fixed at $1.5bn from $1.95bn order book -
◆ Lender's first covered since September 2024 ◆ Deal was fixed at €500m and tightened by 5bp ◆ Banker said the trade offered 1bp of new issue premium
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◆ Finnish lender's first covered since September ◆ Third Finnish covered bond issued this year ◆ Helsinki-based bank fixed size at €500m
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◆ Gulf issuers turn to private markets ◆ Public sector and corporate borrowers to bring forward plans ◆ Banks re-enter covered and unsecured funding markets
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Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
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Smaller order books and tighter new issue premiums characterise new phase
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◆ Portuguese bank tightened spread by 3bp ◆ First covered from issuer since October ◆ Banker said this is 'good level for issuer'
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◆ Issuer attracted order book of €1bn ◆ Bid-to-cover ratio was consistent with recent precedents◆ Fair value not easy to establish
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◆ One of four covereds issued on Thursday ◆ CMHL issued the last three French covered bonds ◆ Euro benchmark deal fixed at €1.25bn
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◆ Sterling benchmark deal was printed at £1bn ◆ Fourth sterling covered from Canadian issuer in 2026 ◆ Lead managers picked comps at 48bp-57bp over
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◆ Issuer fixed size at €500m from outset ◆ Spread was over 20bp inside issuer’s last covered ◆ Covered was first from lender in 18 months
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◆ Spread was tightened by 5bp through execution ◆ Order book was ‘high quality’ says banker ◆ Norweigan bank's first covered since October
