BMO Capital Markets
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Including redemptions and central bank buying the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise then that seven year deals issued on Thursday by Banco Sabadell and Bank of Montreal were swamped and priced with virtually no concession. -
After mandating leads on Wednesday, Bank of Montreal is set to open books on Thursday for what will become the longest Canadian covered bond in euros. Having issued three year and five year deals this year, BMO’s fourth trade of 2016 will be a curve extending seven year.
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Saxony-Anhalt increased the size of a new three year dollar deal on Wednesday after squeezing pricing tighter twice during two days of marketing.
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A surfeit of supply hit the long end of the covered bond curve this week as issuers piled in to take advantage of extraordinarily cheap funding conditions that are unlikely to last long. Bill Thornhill reports.
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A seemingly unstoppable flow of dollar issuance from public sector borrowers looks set to spill into next week, after a slightly undersubscribed deal early this week failed to dent sentiment for other trades.
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Pricing rather than size was the focus for public sector borrowers in the dollar market this week, although overly aggressive pricing was not the reason for one issuer having to pull back from bringing a tap issue.
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While Sekerbank postponed the roadshow for a tier two bond over the weekend, the borrower has succeeded with a $130m loan — although one lender asked for more time before signing, according to a lead banker.
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JP Morgan stormed straight out of earnings blackout with a benchmark trade immediately after kicking off Wall Street results season on July 14, and with rivals emerging from earnings blackout in the coming days, the rest of the month promises to be busy.
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KfW paved the way for a slew of dollar mandates from SSA borrowers on Tuesday with a $5bn new issue.
