Covered Bonds
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French rates risk appetite returns but OAT spreads still a hurdle for covered issuers -
◆ Slim book for German lender ◆ Investors hesitant over spread to SSAs ◆ Single digit concession needed
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◆ Deal attracts largest CEE euro covered book ◆ Book holds up after 'aggressive' 12bp move ◆ Bond prices through fair value, but setting the level proves tricky
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◆ Book falls €1.5bn from its peak ◆ Offers small pickup to SSAs ◆ Trade lands flat to fair value
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Wide range of pricing references considered
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◆ Book supports large deal despite attrition ◆ Belgian scarcity makes finding fair value tricky ◆ 1.5 day execution chosen to aid price discovery
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◆ Deal the largest single covered bond tranche in euros this year ◆ Single digit premium paid ◆ French issuers make the most of flat belly of the curve
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'No brainer' issuer set to price a seven year bond on Wednesday
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◆ Book crosses €3bn after 45 minutes ◆ Investors eager to buy any and all covered bonds ◆ Demand allows for next to no premium
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◆ Deal the UK lender's largest since 2010 ◆ Little to no premium paid ◆ UK paper in euros pricing close to EU peers
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No competition expected as investors hunger for covered paper across the curve
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If bankers face tough rules over personal investments, shouldn’t politicians too?
