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◆ Capped sales surpass expectations ◆ Fixed sizes could help as covered funders push out along the curve
Longer funding offers issuers efficient use of collateral that's worth paying for
After Lloyds’ Permanent RMBS came through covereds, a repricing had been overdue
Data
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Deal reviews
After Lloyds’ Permanent RMBS came through covereds, a repricing had been overdue
Benchmark matching drives orders as issuer prints a fraction of what was possible
◆ Dutch issuer takes unusual approach to marketing ◆ Arkéa used a different tactic to attract buyers ◆ Dealers detect confidence from investors in longer dated deals
The deal paid a substantial pick-up to recent 10 year Pfandbriefe
Secondary market
The EU’s curve is expected to flatten as 30 year supply dries up
Long dated bonds tipped to perform
Issuers are being pragmatic and the monetary policy outlook is clearer
Bunds have held a tight range as market awaits key inflation data
Opinion
Niche currencies and alternative formats can help lower costs and provide diversification
Borrowers can't allow predictions of rate cuts to dictate issuance schedules — if the conditions are good, go
Orders have tumbled for a number of bond syndications recently when issuers have set final terms, which has proved a source of anxiety. But this is no bad trip; rather it is a market operating in a higher state of consciousness
Analysis
◆ Capped sales surpass expectations ◆ Fixed sizes could help as covered funders push out along the curve
Longer funding offers issuers efficient use of collateral that's worth paying for
As the going got tough, the tough got their deals done leading to hopes of AT1s and Italian covered bonds
Prime UK RMBS issuers take advantage of strong technicals
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