BMO Capital Markets
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Non-US banks continue dollar funding ahead of congested post-Labor Day market
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Only third Portuguese covered this year ◆ Fair value at '13bp-14bp' says banker ◆ Investors responded well to three year tenor
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◆ British lender’s last dollar covered was in 2024 ◆ Banker said dollar covered offered saving versus euros ◆ Lloyds placed a similar bond two weeks ago
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◆ UOB cited last week's DBS covered as a comparable ◆ Singaporean bank issued a sterling covered last week ◆ Issuers using different currencies back-to-back is not unusual
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Books multiple times covered at £9.15 a share as commodities trader exits longstanding investment
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◆ Aussie issuer tightens 5bp from IPTs ◆ First sterling covered from issuer since November 2023 ◆ Aussie banks have been busy in covered bond market
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Asset managers and hedge funds are set to continue buying covered bonds because of their yields which are averaging around 3%
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Covered issuance 'more or less done for now,' analysts say
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New issue premiums have remained around 2bp despite five deals in the past two weeks compared with 12 in the previous two weeks
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British bank picks four leads to run its second public sterling BTL mortgage covered bond
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◆ Canadian issuer tightened spread by 2bp ◆ Bank's seventh tranche of covereds of 2026 ◆ BMO has placed dollar euro and sterling covereds since January
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BMO and the Singapore-based arm of Standard Chartered brought new types of issuance this week