Covered Bonds
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Five to seven year deals 'in vogue' as issuers look back to the belly of the curve -
Portuguese lender hopes to emulate the success of peers’ recent blowout sales
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'Safer' public sector cover pools avoid tricky commercial real estate exposure discussions
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Bankers highlight that the German Pfandbrief market is 'well protected'
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Subscription ratio of 5.7 but rival bankers debate premium
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UK lender prints largest single tranche covered bond from a foreign issuer since last August
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Bankers away from mandate question fair value estimate from syndicate
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Investors ‘could become more selective’ over 10 year deals
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Some rival bankers said ‘wrong day’ to issue as spread debated
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◆ Primary market for banks flying but will property burst the bubble? ◆ Japan to debut transition bond as SLLs fall out of favour ◆ Kenya back in bond market
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Commercial real estate worries creep back into investors’ minds but rate cut hopes and need to place cash prevail
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Bankers away say 12 year “good value” while dual structure a “defensive approach”
