Covered Bonds
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Stale secondary curves send average new issue premiums wider -
◆ Deal comes close to fair value ◆ Shorter tenor offers investors something different ◆ Mass wave of sterling supply not expected to follow
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◆ Strong demand allows for tight pricing ◆ New bond pulls Achmea's curve tighter ◆ 'Odd size' wraps up Dutch firm's covered funding
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◆ Deal attracted strong official institution interest ◆ Borrower faced some limits at 40bp ◆ Low single digit concession paid
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◆ At least five more deals expected this week ◆ Sub-benchmark names to take their time ◆ Further supply mooted
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◆ 'Stable' book grows after spread set ◆ Lack of recent Spanish supply helps pricing ◆ Illiquid secondaries create wide range of fair values
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How investment banks profit when clients can’t shop around, and why their clients should be grateful
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Falling interest rates push spreads wider
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Issuers said to have this week 'withdrawn' planned covered bond sales will look at later window
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◆ Minimal premium paid ◆ Structural demand from UK bank treasuries down but Asia steps in ◆ Sterling spread vs euro more attractive for issuers
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◆ Tatra brings first covered since Jan 2023 ◆ Hypo Oberösterreich offers sub-benchmark deal ◆ Covered primary issuance now 'a little bit slower'
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◆ A few basis points left on table for investors ◆ Recent spread widening presents challenge ◆ Some issuers have 'pushed backed' or 'withdrawn' mandates
