Covered Bonds
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◆ Bankers benchmarked trade against recent Canadian deals ◆ Issuer paid ‘couple of basis points” of NIP ◆ Latest in a series of sterling covered deals -
◆ Bankers pleased with first dollar deal in six months ◆ Price discovery was a challenge say bankers ◆ Deal described as more solid than some recent sterling deals
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The best investment banks are those that can navigate all conditions, not just thrive in the good and survive the bad
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◆ Issuer fixed the spread before execution ◆ Third sterling covered bond in three days ◆ Banker said issuer wanted to place before the weekend
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Underlying concerns among investors and issuers about covered bonds force them to the sidelines
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◆ Canadian bank last issued covered paper in January ◆ Lead managers picked only one comp ◆ BNS has large covered redeeming on Monday
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Unsecured issuance absence in euros and sterling resembles past market shock closures, but broader markets remains open
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◆ Banker said deal offered little new issue premium ◆ Euro transaction on Tuesday triggered the deal ◆ Lloyds' last sterling covered was issued in October 2025
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First new covered bond since the end of February ◆ Deal shows investor preference for short-dated paper – RBC ◆ Issuer benefits from minimal exposure to Middle East, says banker
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ICBC prints multi-currency 'safe haven' deal, yet limited read-across for European markets
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Market participants agree new issue premiums will go up when the Iran war ends, but not by how much
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Higher rates from the outbreak of the war have enhanced callable MTNs' yield appeal
