Covered Bonds
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◆ Single digit premium paid ◆ Slim pick up offered over Canadian peers ◆ Canadian covered paper lower in euros this year to date -
◆ Bookbuild momentum slows due to Bloomberg outage ◆ Multiple ways of coming up with the same fair value ◆ 10 years appeals to duration and yield seekers
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Deals across asset classes are back on track after unusual marketing extension
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◆ BayernLB ends two year public sector Pfandbrief absence ◆ Tatra issues for the first time this year ◆ Little to no premium needed for either deal
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◆ Eika picks sevens for second deal of 2025 ◆ Investor limits restrict pricing ◆ Single digit premium paid
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◆ Combined demand closes at €2.9bn ◆ Little to no premium needed for either leg ◆ More size taken at the long end despite smaller book
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Insurers and asset managers drive long dated revival
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◆ Deal attracts strong early momentum ◆ Slim premium paid as HVB lands size ◆ Pick-up offered over German SSAs
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◆ Caffil aims for 12 years, LBBW goes for 10 ◆ Pair of €500m deals attract almost €5bn of combined demand ◆ Single digit concessions offered
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◆ Joint biggest deal of the year attracts largest book since last May ◆ Final spread the tightest in almost a year ◆ Sterling offers saving compared with euros or dollars
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◆ Trade the tightest in euros since early April ◆ Single digit concession paid ◆ Deal comes close to SSA curves
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◆ Deal was Sparkasse Hannover's second in benchmark format ◆ Domestic demand drives deal but some international accounts take part ◆ Next to no premium paid
