Covered Bonds
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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
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The winning deals, banks, issuers and other market participants will be revealed at a gala dinner in Porto on September 12
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◆ Bank sells its first public sector covered since July ◆ Deal lands flat to fair value ◆ Crédit Agricole diversifies away from the short end
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◆ French firm has issued €5.25bn of mortgager paper this year ◆ Little difference between mortgage-backed and public sector deals
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◆ 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
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◆ Slim premium paid on chunky sale ◆ Investors welcome Canada pick-up to UK names ◆ Canadians missing from covered bonds
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◆ 12 year deal to be Achmea's longest since 2021 ◆ Rabobank's recent 12 year provides closest comparable
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◆ Singaporean bank has not issued since 2018 ◆ Deal to price close to recent Singaporean three year supply
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◆ 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
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When it comes to monitoring comms, surely what’s good for the banking goose is good for the governmental gander
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◆ Which banks sell in run-up to rate cuts ◆ South Africa election and the bond market ◆ Saudi Arabia leaves peers behind
