Covered Bonds
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◆ What is pushing CLO mezz wider ◆ FIG pre-funding underway ◆ What happened at the World Bank/IMF Annual Meetings -
No investors involved in Caffil's latest deal mentioned concerns over French risk
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Issuers' desire to put covered pre-funding to one side suggests concerns over bumps ahead
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Deal expected to be priced after multi-week marketing period
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◆ First senior preferred in two years ◆ 3bp of concession ◆ Senior spreads 'really tight' versus covered bonds
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Absence of new bonds to help secondary spreads grind tighter
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Five and 10 years more appealing, with ultra-long spreads deemed 'rather costly'
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◆ Sterling covered market on a 'hot streak' ◆ Strong demand pledged, including international interest ◆ Offshore sterling covered spreads compress
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◆ Book grows after spread set ◆ Premium offered to investors ◆ Recent sovereign downgrade not a concern
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◆ A bank advised Nationwide of strong fixed sterling bid ◆ RMBS was another option ◆ 'New accounts' participated in deal
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◆ Rival bankers call deal 'a great success' ◆ Dollar spread vs euros 'swung back to issuers' ◆ Cost of carry vs locking tight spreads
