Covered Bonds
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◆ 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
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◆ Next to no premium needed for capped sale ◆ Demand holds firm despite price tightening ◆ Popular deal broadens investor base
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◆ Why benchmark issuance has resumed earlier than usual ◆ What lies ahead for capital markets ◆ African issuers switch out of loans to bonds
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Up to five years ‘the right place to go’ but the curve to 10 years could reopen soon
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Shorter deal fits mortgage origination pattern as investor appetite vanishes for ultra-longs
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◆ Dutch bank last issued in 2022 ◆ Investors eager to buy after lacklustre June and July ◆ Next to no premium needed
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◆ Deal Berlin Hyp’s second benchmark of the year ◆ Some investors had their fill of Berlin Hyp ◆ Buyers look towards higher spread senior market instead
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◆ German lender readies its first benchmark since January ◆ Deal sized to be capped from the outset ◆ No 'rush' of further supply coming
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◆ German deal is first syndicated benchmark in five weeks ◆ Slim premium paid to secure size ◆ Issuer’s covered bonds are best German performer year to date
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Issuers are lining up to reopen the market with no plans to shake up their funding plans
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Strong demand for two year paper helps regular issuer hit refinancing target
