Covered Bonds
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◆ Three year deal to tap into demand for the tenor ◆ Trade is Argenta’s second green covered this year ◆ Bond pre-empts upcoming RMBS redemption -
◆ Deal is DZ's first public sector trade of the year ◆ Domestic demand to support deal ◆ Tenor matches cover pool funding need
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◆ ESG accounts provide early orders ◆ Granular treasury accounts fill up book ◆ Deal comes close to fair value
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Wide SSA spreads and stale secondary levels are pushing out covered spreads and NIPs
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◆ Euro covered priced inside dollars for Canadians ◆ Small premium paid ◆ Infrequent funder 'in the pack' with peers
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◆ Capped deal starts with spread range fixed from outset ◆ Issuer adds €115m of orders after setting spread ◆ Finding fair value tricky
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◆ Five year deal planned ◆ Savings banks to drive demand ◆ Deal to harness interest for high spread German paper
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◆ Book falls €150m from its peak ◆ Leads pledge €107m ◆ Single A deal tricky to compare
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Stale secondary curves send average new issue premiums wider
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◆ Deal comes close to fair value ◆ Shorter tenor offers investors something different ◆ Mass wave of sterling supply not expected to follow
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◆ Strong demand allows for tight pricing ◆ New bond pulls Achmea's curve tighter ◆ 'Odd size' wraps up Dutch firm's covered funding
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◆ Deal attracted strong official institution interest ◆ Borrower faced some limits at 40bp ◆ Low single digit concession paid
