Covered Bonds

◆ Borrower's first deal of its new fiscal year ◆ CBA opts for size ◆ Market receptive to 'off the run' tenor

◆ Book building slows ◆ Spread tightening lessens ◆ Volume not to blame for lower demand

◆ First £1bn deal since June ◆ Demand shows investors are interested in UK names ◆ Small premium needed on 'incredibly flat' curve

◆ Deal takes €250m more than targeted ◆ Slim premium paid for duration ◆ Investors still happy to buy despite longer tenor

◆ Slovenia debut emblematic of issuers tapping Japanese market despite carry trade chaos ◆ Being all things to all investors in the covered bond market ◆ Corporate issuers keep it short and sweet

Toronto Dominion plays fair with FRN investors with matched pricing

◆ Inaugural bond expected early next week ◆ German deal secured against Dutch mortgages ◆ Deal expected to be popular despite quirks

◆ Rare deal pairs payouts in the same tenor ◆ €1.5bn also raised in longer tranche ◆ No cannibalisation

◆ Slower deal appeals to ‘true covered’ buyers ◆ Slim premium paid over recent deals ◆ Deal is Italian lender’s first of its fiscal year

◆ Deal takes size despite lower line availability ◆ Premium paid over comparable bonds ◆ Benchmark SpaBol’s second deal of 2024

◆ Next to no premium needed for capped sale ◆ Demand holds firm despite price tightening ◆ Popular deal broadens investor base

◆ Why benchmark issuance has resumed earlier than usual ◆ What lies ahead for capital markets ◆ African issuers switch out of loans to bonds