Covered Bonds

Safe senior bonds are all well and good — but refinancing capital will show just how far investors' appetite for property-heavy banks goes

◆ Crédit Mutuel sells first French covered since parliamentary election ◆ French firm goes for size over price ◆ Small premium needed for 'defensive' deal

◆ Well funded banks in no rush to print ◆ Reporting season, summer holidays dampen supply ◆ 'One or two' frequent names could still print

A holiday is supposed to be all about relaxing, letting loose and shaking off the daily grind. But for those in investment banking, planning a getaway is often riddled with work complications. Where you go, when, and what you do can be much more fraught questions for financiers than for others

More deals expected in the coming months as conditions improve

New issue premiums are minimal again

Regular issuer targets more size, but still lands in line with most recent trade from Pfandbriefzentrale

◆ Transaction set to price through BTPs ◆ Social format offers ‘something a bit unique’ ◆ Aareal Bank joins covered pipeline

◆ MPS to launch a new covered format ◆ Infrequent and higher yielding issuer suggests market is 'stable and open' after French elections ◆ A 'few other' covereds are in the pipeline

Market awaits EU’s lead once election volatility subsides

◆ Rapid bookbuild ◆ Investors ‘don’t care’ as issuer pays negligible concession ◆ Tenor maximises Bund spread

◆ Austrian lender nearly four times covered ◆ Bankers question whether the deal started wide despite double digit tightening