Covered Bonds
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◆ Deal lands after lengthy roadshow ◆ Investors pledge over €1.15bn of orders for sub-benchmark print ◆ Single digit concession offered -
Estonian lender Coop Pank could also make its covered debut on Thursday
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Banks have plenty of buy-to-let assets on their balance sheets; issuers should follow Paragon's lead for as long as investors and regulators allow
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Pfandbrief split across four tranches spanning 3.4 to 23.6 years
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Issuers will probably have to ‘re-establish’ new issue premiums at a higher level
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Banker who helped bring covered bonds to Singapore and grow the market globally
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Covered and unsecured issuers await greater stability, despite positive signs in secondary
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The issuer is also looking to end a six year absence from publicly placed RMBS
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Exceptional moves in rates could impact relative value across the FIG capital structure
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◆ Deal the first publicly placed UK covered bond secured on buy-to-let mortgages ◆ Saving spotted versus RMBS ◆ Low double digit pick-up needed over prime UK paper
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Credit market conditions strong as rates demand slows
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◆ Rates and geopolitical volatility weigh on investor sentiment ◆ Fast money investors show price sensitivity ◆ Low single digit premium paid
