Covered Bonds

Sporadic and debut borrowers must overcome election volatility to seal funding

◆ Issuer takes patient approach in volatile market ◆ First such deal in over a decade ◆ M&A adds complexity

◆ Non-UK accounts drive five year deal ◆ First deal for five years ‘quasi-inaugural’ ◆ Determining a concession tricky, say bankers

◆ Market participants find US data ‘helpful’ for resumption of new issuance ◆ Fed could tilt the tone ◆ Secondary bids appear for French banks on Wednesday

◆ Bankers reveal size expectation ◆ UK lender's first deal since 2011 ◆ Time needed to re-introduce the issuer to investors

◆ Five year deal to diversify funding sources ◆ Syndicate happy to wait for investors ◆ Trade to come inside recent comparables

Bankers reveal final pricing expectation ◆ UK lender plans first euro deal since 2019 ◆ Issuer happy to take time for extra investor work

◆ Aussie bank starts one week in-person roadshow ◆ Long five year deal to diversify euro funding ◆ Bank considered waiting until after the summer

◆ Private credit, regulation and cuddly toys at Global ABS in Barcelona ◆ What the European parliamentary elections mean for EU bonds and Capital Markets Union ◆ Will volatility follow the ECB's historic rate cut?

Spreads to drive demand as market breezes past widely expected 25bp cut

Sure, covered bond new issue premiums are back while order books are smaller — but good times are still to come

The winning deals, banks, issuers and other market participants will be revealed at a gala dinner in Porto on September 12