Covered Bonds
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◆ Gilts rocked on macro fears but sterling bond issuance booms ◆ Just how much of a basket case is the UK anyway? ◆ Debt-for-nature swaps blossom -
◆ Tight govvie spread no problem for spread hunters ◆ No premium needed ◆ Some buyers resisted pricing through 70bp
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Access to the UK market cannot be taken for granted
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Super sterling goes ballistic, pricing is attractive
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Investors on the hunt for spread and yield, as market adjusts to lower interest rates
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◆ Deal lands with low single digit premium ◆ Investors propel book to almost €5bn ◆ Trade already tighter in secondary
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◆ Deal lands flat to fair value without tightening ◆ Canadian spreads 'super tight' to UK names ◆ Sterling spreads have widened less than euro peers
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◆ German bank sells first euro Pfandbrief since October ◆ Investors send book to almost €6bn ◆ ‘Will price in range’ strategy attracts attention
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◆ Italian firm attracts €7bn peak book ◆ Deal lands up to 20bp through govvies ◆ However, high single digit premium still needed
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◆ Expectations of size in a range ◆ Pricing in the mid to low 30s anticipated ◆ Issuers have a preference for shorter green deals
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◆ UK builder lands strong £1bn size ◆ Bankers confident more sterling supply will follow ◆ Slim premium paid, if any
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◆ Italian covered supply returns after four month absence ◆ Crédit Agricole Italia set to reopen long end of the curve ◆ Deal expected to come inside BTPs
