Covered Bonds
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◆ Rarity, tenor and size fuel demand ◆ Big book and dozen dealers make allocations tricky ◆ Next to nothing paid in premium -
◆ Issuer avoids pushing already tight deal too tight ◆ Single digit premium paid ◆ Green German supply ahead of 2023 year to date
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◆ €500m no-grow deal over three times covered ◆ Only 1bp premium paid ◆ Deal finishes CFF's funding for the year
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The rise of compliance culture and tech have created an atmosphere of mistrust
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◆ Final books not disclosed ◆ Small premium paid for tight trade ◆ Some investors face line limits
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◆ BNP Paribas readies first covered of 2024 ◆ French firm appoints 12 bookrunners ◆ MunHyp to benefit from reshaped yield curve
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◆ Iconic NYC spot powers CMBS revival ◆ Gilt market braces for Labour Budget ◆ Banks plan bonds for November undaunted by US election
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November issuance not a given, with focus turning towards January instead
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Triple oversubscription drives price 15bp inside initial guidance
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◆ Demand 'surprised to the upside' ◆ Deal attracts largest final book since August ◆ Trade spotted 2.5bp tighter in secondary
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◆ Issuer eyes further outings ◆ Book closes in excess of €820m ◆ Multi-day marketing period supported demand
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◆ Deal tightens 6bp thanks to strong book ◆ ‘Confusing’ comps make spotting fair value tricky ◆ Trade fills empty spot on the curve
