Covered Bonds

◆ Illiquid secondary levels make determining fair value tricky ◆ No impact from UniCredit-Commerzbank merger rumours

◆ Issuer looking at long three or five years ◆ ESG label should be ‘helpful’ ◆ KHFC’s third public bond this year

◆ Deal to be the bank's largest in euros so far ◆ Low to mid 30s price 'reasonable' ◆ Issuer met with over 50 investors

◆ UniCredit-Commerzbank news unlikely to have an impact ◆ Fair value thoughts revealed ◆ Deal to be priced on Wednesday

The market recognised the Crédit Agricole Corporate & Investment Bank (Crédit Agricole CIB) covered bond franchise in no fewer than three categories this year. In addition to taking home awards for Best Research and the Best Bank for ESG Issuers, the firm’s guidance helped a standout Novo Banco deal secure Best Pioneering Deal.

◆ Deal comes close to non-eurozone peers ◆ Real money orders dominate book ◆ No oversupply concerns for fourth tranche of 2024

◆ UniCredit and Orcel quackers for Commerzbank ◆ Draghi aims his bazooka at CMU ◆ A new dawn for corporate hybrid capital

Erste Group’s decade-long expansion of its DCM franchise has created a covered bond powerhouse with expertise stretching from Canada to eastern Europe. Dedication to issuers and investors alike secured Erste wins for Best Bank for Distribution and Syndication, two of the most coveted categories for covered bond dealers. In a testament to the strength of its team, the firm also saw a trio bankers win awards for individual excellence.

The covered bond market gathered in Porto to celebrate its standout deals, institutions and individuals

Issuance across unsecured and covered bonds is expected to resume at a faster pace next week

◆ Commercial real estate disclosures lag behind residential ◆ Mortgage energy efficiency key to examining transition risk

◆ ECBC, ECB and US inflation put a stop to supply ◆ Issuers not missing out by not issuing in sub-par market ◆ Credit is the more appealing sector