ABN Amro
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Smaller, private banks likely to issue in coming weeks, experts have said -
There were no new covered bonds issued on Thursday after two on Wednesday and four on Tuesday
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◆ Issuer’s last covered was in May 2023 ◆ Fifth Dutch covered bond in past month ◆ Fifth €500m no-grow deal in past two days
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The Norwegian bank is planning to issue 'in the near future' its first covered bond since September 2024
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Smaller order books and tighter new issue premiums characterise new phase
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◆ Euro benchmark deal fixed at €1.5bn ◆ Banker said new issue premiums down slightly ◆ Lead managers picked comps at 23bp over mid-swaps
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There's been a lack of ESG labelled FIG issuance in March, despite this year's volume being higher than last year
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◆ Defensive structure for nervous market ◆ Largest book on a busy day for FIG issuance ◆ ABN keeps position of leading bank EuGB issuer
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Sovereign keeps funding guidance unchanged for 2026 but warns against 'adverse effects on growth'
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Many factors could affect the relative value of covered bonds and SSAs this year
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Market participants argue that market uncertainty makes shorter tenors more palatable for investors
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'Conducive' issuance conditions allow foreign banks to raise more single US market visit
