Covered Bonds
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Supply, not demand, will dictate future floating rate issuance
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Investors lured by a ‘strong and conservative’ bank with a short-end offering
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BoQ has two conditional-pass-through euro notes outstanding
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Canadian bank will engage accounts in Sydney and Melbourne in non-deal roadshow
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Upcoming supply expected to skew shorter despite long end demand
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◆ Issuance may be concentrated on Tuesday after a single deal on Monday ◆ Prospects for euro paper brighter than dollars ◆ AT1s in any currency likely to do well in this market
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A smattering of deals could still arrive this week as issuers navigate public holidays
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Dutch lender came 1bp inside recent 12 year German deals
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The Aussie dollar investor pool is diverse deep; dive in and take size
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Lower funding needs and tight senior spreads supress Aussie dollar covered supply
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Sergio Herran to swap debt syndication for rates trading
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Scarcity value help propel the book to almost €2bn
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The UK building society attracted a combined €4bn of orders
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Further Nordic supply expected from Sweden’s LF Hypotek
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The long eight year tenor appealed to all sorts of investors, who pledged almost €2.6bn of orders
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Upcoming deal could price in the low 30s over mid-swaps
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Investors are ready to embrace unsecured bank debt yet again — but at double digit new issue concessions
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Asset managers should be drawn to high spread products from infrequent names
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◆ Senior FRNs in euros appear more cost-efficient for issuers than covered bonds ◆ Savings vary by issuer ◆ Asset mangers prefer to buy from higher-rated FRN issuers
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Wider levels needed to offset volatility and tightening secondary curves
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Sparkasse Bremen garners surprising demand thanks to ‘thin pipeline’
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High spread deals are harnessing bumper demand
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◆ Global markets search for clues on how long before US rates are cut ◆ Fed path deemed more important than Middle East conflict in dictating primary market tone ◆ Pipeline across capital stack once clarity emerges
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Deal offered investors a rare chance to pick up conditional pass-through paper
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Canadian lender looks to narrow its spread to larger peers
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Other Pfandbrief deals to follow LBBW's 'solid' trade
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A large drop in orders was not a surprise as CFF cranked the spread in
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World's oldest bank to offer a pick-up to recent Italian deals
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◆ UK's biggest building society kicks off FY 2024 issuance programme ◆ Treasury deputy Collins on 'never being a forced issuer' ◆ Nationwide and Virgin Money combined issuance needs under consideration
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◆ Why everyone from nuns to pro-coal US state treasurers are giving banks stick over ESG ◆ El Salvador's punchy new debt structure ◆ Appetite for duration in covered bonds
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Firms facing consequences from green commitments
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Convincing banks to print is the barrier to issuance
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Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift
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Handful of covered and unsecured deals could arrive early next week
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Austrian borrower’s €2.6bn book its biggest ever
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Landesbank Berlin’s sub-benchmark print to provide the next 10 year test