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Stale secondary curves send average new issue premiums wider
◆ Deal comes close to fair value ◆ Shorter tenor offers investors something different ◆ Mass wave of sterling supply not expected to follow
◆ Strong demand allows for tight pricing ◆ New bond pulls Achmea's curve tighter ◆ 'Odd size' wraps up Dutch firm's covered funding
Data
Sub-sections
Sub-sections
Deal reviews
◆ Deal comes close to fair value ◆ Shorter tenor offers investors something different ◆ Mass wave of sterling supply not expected to follow
◆ Strong demand allows for tight pricing ◆ New bond pulls Achmea's curve tighter ◆ 'Odd size' wraps up Dutch firm's covered funding
◆ Deal attracted strong official institution interest ◆ Borrower faced some limits at 40bp ◆ Low single digit concession paid
◆ At least five more deals expected this week ◆ Sub-benchmark names to take their time ◆ Further supply mooted
Opinion
How investment banks profit when clients can’t shop around, and why their clients should be grateful
Jarring, disengaging virtual meetings may have supplanted elite airline status and globetrotting at will for investment bankers. But this is an industry where the smartest adapt, and will make the best of both
It’s who buys the bond, not how much they pay that counts
Capital markets may be about numbers but more than that, they’re about people. When you’re pitching clients remember that, and also what Aristotle said about logos, ethos and pathos — but forget the hubris
Analysis
Stale secondary curves send average new issue premiums wider
Issuers said to have this week 'withdrawn' planned covered bond sales will look at later window
At least one issuer considers 10 year but spread dynamics could be off-putting
The covered bond market gathered in Porto to celebrate its standout deals, institutions and individuals
More articles
More articles
More from covered bonds
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Falling interest rates push spreads wider -
◆ Minimal premium paid ◆ Structural demand from UK bank treasuries down but Asia steps in ◆ Sterling spread vs euro more attractive for issuers
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◆ Tatra brings first covered since Jan 2023 ◆ Hypo Oberösterreich offers sub-benchmark deal ◆ Covered primary issuance now 'a little bit slower'
