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Regular issuer targets lower size and lands inside last trade from Pfandbriefbank
FIG
Bank spreads are trading very tightly, but are priced for perfection. Any jolt to interest rate expectations will spoil the party
Senior-covered spread ratio hits key threshold, attracting real money
Sub-sections
Sub-sections
Deal reviews
Regular issuer targets lower size and lands inside last trade from Pfandbriefbank
Senior-covered spread ratio hits key threshold, attracting real money
Increase in dollar issuance follows growing fatigue towards euros
The deal offered exceptional value and was increased then tapped
Secondary market
Yields and spreads collapse amid ‘desperate buying’
Sticky wage growth and higher net supply may then hit sentiment
EU expected to syndicate a green bond
Inventories to be pared down as end of year approaches
Opinion
The yield curve is less inverted but it brings no relief to duration fiends
Plotting market turning points is often prone to false starts
Securitization hardly adds resilience to a funding model if it shuts at the same time as other options
Banks cannot rely on deposit growth
Analysis
FIG
Senior spreads are tight and covered bonds risk widening further
Dutch banks are changing the composition of their green pools
More time needed, but Pfandbriefe cover pools should be safe
One or two deals may happen next week, but it is unlikely
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