Covered Bonds

◆ Bank sells its first public sector covered since July ◆ Deal lands flat to fair value ◆ Crédit Agricole diversifies away from the short end

◆ French firm has issued €5.25bn of mortgager paper this year ◆ Little difference between mortgage-backed and public sector deals

◆ Issuer’s first deal since 2018 almost three times covered ◆ Up to 1bp of concession needed to seal market return ◆ OCBC priced inside Standard Chartered's debut

◆ Slim premium paid on chunky sale ◆ Investors welcome Canada pick-up to UK names ◆ Canadians missing from covered bonds

◆ 12 year deal to be Achmea's longest since 2021 ◆ Rabobank's recent 12 year provides closest comparable

◆ Singaporean bank has not issued since 2018 ◆ Deal to price close to recent Singaporean three year supply

◆ Five year trade among the tightest this year ◆ Small single digit premium needed to seal the deal ◆ Investors came in after pricing despite the tight spread

When it comes to monitoring comms, surely what’s good for the banking goose is good for the governmental gander

◆ Which banks sell in run-up to rate cuts ◆ South Africa election and the bond market ◆ Saudi Arabia leaves peers behind

Wide spreads have insulated eurozone periphery borrowers from rates volatility — for now

◆ ECB rate cut seen as all but certain next week but rates outlook to drive sentiment in primary market ◆ Investors may turn more selective ◆ Profit taking tipped after spread tightening

◆ New Singaporean names come close to established peers ◆ Deal follows several months of marketing