Covered Bonds
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◆ Scotia moves quickly to tap resurgent sterling market ◆ Trade lands through CIBC and flat to fair value ◆ Confidence returns to sterling covered investor base -
Banks are taking back control after Covid
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◆ Dutch issuer has raised €1.5bn in three trades ◆ Deal priced near fair value ◆ Trade timed to avoid French political volatility
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◆ Possible record demand for first non-UK benchmark since PRA debacle in April ◆ Deal lands flat to fair value and euros ◆ Market hopes more names will follow
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Banks, corporates, even the government find eager buyers
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◆ Tatra extends covered curve ◆ Luminor ends three year absence ◆ Slovenská pays slim premium
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◆ Investors wary of French risk ◆ Book grows after spread was set ◆ High single digit premium needed
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◆ Investors pledge strong demand for 'exotic' deal ◆ Slim premium paid ◆ UBS takes €1bn at five years
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Slim premiums and big price tightenings achieved
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◆ TD prints largest euro deal for a year ◆ Strong demand for rare three year notes ◆ Minimal premia needed
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◆ Tight deal reprices new issue market ◆ Deal comes through Leeds ◆ Investors keen to pick up sterling covered paper
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◆ First benchmark since May ◆ Pent-up demand results in blowout ◆ Foreign issuance expected
