Covered Bonds
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First euro covered bond long than 10 year for a year deemed ‘very successful’ -
Three issuers price euro covered bonds in a market that ‘remains in very good shape’ as bank treasuries drive demand for seven to eight year paper
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Deal clinches tightest spread on a 10 year covered bond this year as French banks pay less to go longer
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◆ Records smashed in primary markets but what's driving it? ◆ Why order books are so swollen ◆ Rampant demand but companies want to cut hybrid debt
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Banks push longer and tighter but investors keep coming back for more
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Widening prices temper size ambitions, but issuers remain upbeat as they adapt to 'new normal'
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French banks are satisfying their appetite for long dated covered funding but whether infrequent core eurozone issuers can replicate this success remains to be seen
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The first covered bond from a Spanish bank since February 2023 was priced with a lower premium than deals done a year ago
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New covered deals clear with 3bp-5bp NIP despite softer tone, paving the way for less frequent and periphery borrowers to advance their funding
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Austrian bank becomes the latest covered bond issuer to ride on the coattails of compatriots success
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Returning investors to the asset class are playing the spread between different varieties of bank bonds, giving issuers something to think about and swelling their order books
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Smaller book and less tightening than other recent OBG transactions but international buyers play covered versus senior spread
