Covered Bonds
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◆ Australian lender takes size ◆ Redemption wall could fuel demand ◆ Dollars could offer an alternative to tarnished sterling -
◆ Final spread looks attractive for a sub-benchmark deal ◆ Book almost five times covered ◆ Low single digit concession offered
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◆ Five year tranche more demand than 10 year ◆ Different NIPs for each tranche ◆ Sizes beat expectations
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◆ Aussie lender ends more than two year absence ◆ Little or no premium paid ◆ Deal lands close to eurozone paper
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Investor sensitivity means lower spread moves and smaller book cover levels
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◆ Mid-single digit premium paid ◆ Deal attracts slim yet granular book ◆ Benchmark Austrian supply down by two thirds
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The Aussie bank will visit four European cities next week during the deal's roadshow
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Why big money hiring fails so often in investment banking
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The euro market has struck a delicate balance when it comes to pricing and sizing
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Diverse range of deals shows investors remain eager to play as diversification considerations intensify
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US covered bonds could fill the triple-A rated void left by the sovereign's downgrade
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◆ PBB opts for four year deal ◆ Marginal drops as German issuer tightens spread ◆ Investors appreciate the room for performance
