Barclays
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Smaller order books and tighter new issue premiums characterise new phase -
◆ Portuguese bank tightened spread by 3bp ◆ First covered from issuer since October ◆ Banker said this is 'good level for issuer'
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◆ Sterling benchmark deal was printed at £1bn ◆ Fourth sterling covered from Canadian issuer in 2026 ◆ Lead managers picked comps at 48bp-57bp over
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◆ Deal met issuer's expectations says banker ◆ Issuer's previous euro covered was in September 2024 ◆ Managers picked comps priced 18bp-31bp over
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Many factors could affect the relative value of covered bonds and SSAs this year
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◆ Canadian issuer filled nearly all its orders ◆ TD got 'fantastic' book ◆ SpareBank 1's first covered deal since August
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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
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◆ 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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◆ 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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◆ 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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Market participants agree new issue premiums will go up when the Iran war ends, but not by how much
