Covered Bonds
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◆ Fair value 'a bit tricky' ◆ Scarce and interesting ◆ Issuers need to be realistic -
◆ 'Odd' that deal landed so close to ESM ◆ Mid-curve tenors enjoy 'even better' demand ◆ Hamburger Sparkasse six year eyed
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◆ Rare pricing against Sonia swaps ◆ Reverse enquiries drive deal ◆ Relative value against SSAs
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◆ Reception for deal marks contrast to FIG credit ◆ New issue premium debated ◆ Tenor important for pick-up over OATs
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Scarcity value helps to drive premiums down and cover ratios up
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◆ Why buy bonds when spreads are so tight ◆ Using tech to unearth new economic signals ◆ Playing the shifting relative value pitch
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Fee pool dries up as banks take to tech to find candidates but industry figures warn that LinkedIn cannot do it all
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◆ Sub-benchmark deal garners strong domestic bid ◆ Pick up offered to SSAs and larger deals ◆ Small concession needed to secure long end deal
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◆ Trade the first since merger in May ◆ New name appeals to sticky investors ◆ No concession needed to secure size
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Banks must be careful not to throw out their babies with the bathwater as AI floods the business
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◆ Largest CEE deal since 2013 ◆ Issuer ends five year absence with tight print ◆ No concerns over French parent
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Deal will be the first since the Sparebanken Vest and Sparebanken Sor merger
