Land NRW USD1.5bn 1.25% Sep 19

Craig McGlashan,

Lewis McLellan

September 22, 2016 08:15 pm

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Craig McGlashan

Lewis McLellan

Covered Bond Deal Reviews

French and Austrian short end covered duo attract demand

◆ Higher spread deals from established jurisdictions attract demand ◆ RLB Steiermark returns after more than two years away ◆ No premium needed for CCF's third of 2025

Frank Jackman, September 30, 2025
FIG

Rabobank extends senior curve with 10 year green note

◆Rabo reenters euro senior market after more than a year away ◆ 'Pent-up demand' swells order book ◆ Green senior bail-ins down on 2024

Flynn Nicholls, September 30, 2025
FIG

Rare Portugese issuer Caixa Geral de Depósitos generates bumper book

◆ Peak orders enough to fill deal seven times ◆ Pricing through fair value ◆ Investors warming on Portugal

Flynn Nicholls, September 30, 2025
SSA

Longer, bigger British Columbia breaks new ground with €2bn 20 year

◆ Longest euro benchmark from a Canadian province ◆ Investor demand for spread over European SSAs ◆ Building a curve and paying a premium

Sarah Ainsworth, September 30, 2025
Supras and agencies

Rentenbank returns to five year dollar for another $1.5bn

◆ Spread tightened by 4bp ◆ Pricing judged to be in line with euros ◆ A more modest book than previous record breaker

Addison Gong, September 30, 2025
Corporate Bonds

Heathrow creeps toward fair value as orders fall from peak

◆ Price sensitivity returns as deal premium shrinks ◆ Final book dropped by more than half ◆ Deal did not go as well as TfL's sterling trade, say bankers

Diana Bui, September 30, 2025