Covered Bonds
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◆ ◆ 30bp was ‘right starting point’◆ Issuer lands at 'fair value' -
The preference for a diverse group of lead managers and the convention of reciprocity keep covered bond bookrunning competitive despite concentration so far this year
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◆ UK building society offered 1bp-2bp NIPs on each tranche ◆ Banker said covered was 'well-flagged' ◆ Second banker said they took BNS and added 'UK pick-up'
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◆ Finnish bank tightened by 8bp through execution ◆ Banker said 35bp starting point was 'spot-on' ◆ Second banker said deal went 'better than expected'
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◆ Order book close to €5bn ◆ Spread tightened by 9bp ◆ Pick-up over OATs
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◆ Finnish bank tightened by 7bp through execution ◆ Banker said FRV not easy to calculate ◆ Second banker cited recent strong Nordic covereds
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◆ Pricing tightened 6bp from guidance ◆ Slim new issue premium assessed ◆ Bankers said demand has thinned for longer-dated covereds
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◆ Both legs of dual tranche tightened ◆ Only one covered has landed tighter this year ◆ Banker said both tranches were at fair value
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Newfoundland prints 20 year, Crédit Agricole debuts a green covered bond
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Market tipped to be a marathon, not a sprint, as Aareal Bank becomes fourth issuer of 2026 and fixed rate tranches take root
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Asset manager becomes first Korean entity to issue digital bonds in private placements
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Absence of larger covered bond issuers provides a window for smaller deals
