Covered Bonds
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New issue premiums are minimal again -
Regular issuer targets more size, but still lands in line with most recent trade from Pfandbriefzentrale
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◆ Transaction set to price through BTPs ◆ Social format offers ‘something a bit unique’ ◆ Aareal Bank joins covered pipeline
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◆ MPS to launch a new covered format ◆ Infrequent and higher yielding issuer suggests market is 'stable and open' after French elections ◆ A 'few other' covereds are in the pipeline
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Market awaits EU’s lead once election volatility subsides
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◆ Rapid bookbuild ◆ Investors ‘don’t care’ as issuer pays negligible concession ◆ Tenor maximises Bund spread
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◆ Austrian lender nearly four times covered ◆ Bankers question whether the deal started wide despite double digit tightening
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◆ Investors flock to short dated green trade ◆ German lender unearths greenium ◆ Wave of supply not expected despite strong outcome
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Novotny-Farkas is understood to be joining another bank in Germany with similar responsibilities
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◆ DZ Hyp to sell short green deal ◆ Raiffeisen Bausparkasse readies debut ◆ Recent deals tighten against improving backdrop
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Communications about capital markets issues like IPOs have to be true — but that does not make them meaningful
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Banks could be affected in medium term if fiscal policy turns loose, though most FIG issuers are well funded for this year
