Covered Bonds
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◆ South Korean lender enters sterling for the first time ◆ Spread move the biggest in 18 months ◆ Deal lands flat to fair value and euros -
◆ Higher spread deals from established jurisdictions attract demand ◆ RLB Steiermark returns after more than two years away ◆ No premium needed for CCF's third of 2025
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◆ No premium needed for 'well-funded' name ◆ Final book the biggest in four weeks ◆ Deal attracts strong asset manager bid
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◆ Demand sticky despite tight spread ◆ Next to no concession offered ◆ Pick-up to SSAs not a concern
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Spread convergence between EU and non-EU covered bonds will take time, but is expected
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◆ Dutch bank takes €1.5bn at four years ◆ Little resistance to pricing through 20bp ◆ Sticky book allows for tight final level
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◆ Belgian bank deal attracts biggest book of week so far ◆ Deal bid 2bp tighter, through fair value post-pricing ◆ Treasury accounts drive Wüstenrot bid
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◆ Maybank gathers sticky, high quality demand ◆ No premium needed ◆ Prima prices tight
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Regulator in favour of equivalence in long awaited report
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◆ Post-Seville conference pipeline builds ◆ Traffic jam possible but ample liquidity is there ◆ Kookmin takes €600m at four years
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◆ Bank issuers and investors anticipate EBA report on regulatory equivalence ◆ Mediobanca enters its Monte dei Paschi era ◆ The case for not keeping Russia's money
