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SSA spreads present the only major hurdle for rampant covered bond revival
Senior issuance remains the preferred funding route for European banks despite impressive covered bond recovery
◆ BPCE attracts €5.3bn, Navarra €3.5bn ◆ Small concessions to fair value and govvies ◆ Longer dated Spanish deal lands inside higher rated French name
Data
Sub-sections
Sub-sections
Deal reviews
◆ BPCE attracts €5.3bn, Navarra €3.5bn ◆ Small concessions to fair value and govvies ◆ Longer dated Spanish deal lands inside higher rated French name
◆ High spread attracts credit focussed accounts ◆ Strong demand for covered return ◆ Deal spotted 5bp tighter in secondary
◆ No pick-up offered to French govvies ◆ Deal lands through fair value ◆ Investors still eager to pick up paper
◆ Deal finds demand despite arrest of South Korea's president ◆ High single digit concession left for investors ◆ Leads added spread to calm concerns
Opinion
EGBs and USTs are having trouble too; what makes the UK any different?
Access to the UK market cannot be taken for granted
As revellers made merry over the holidays, one group of people were already thinking ahead to the new year in a cold sweat
DCM team responded to issuers’ heightened need for advice on capital this year and plans to expand in this competitive area
Analysis
SSA spreads present the only major hurdle for rampant covered bond revival
◆ Tight govvie spread no problem for spread hunters ◆ No premium needed ◆ Some buyers resisted pricing through 70bp
Slimmer premiums expected this January compared to previous years
One or two German speaking issuers could issue this week
More articles
More articles
More from covered bonds
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◆ Small French name attracts €3bn book ◆ Almosty no premium needed ◆ Small pick up to OATs no problem -
Early signs of a milder start to public bond issuance in 2025 than last year, but with one important caveat
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◆ Investors show little concern over sterling instability ◆ Deal comes flat to fair value ◆ Prices flat to peers and inside recent SSA supply
