Covered Bonds

◆ Tight deal reprices new issue market ◆ Deal comes through Leeds ◆ Investors keen to pick up sterling covered paper

◆ First benchmark since May ◆ Pent-up demand results in blowout ◆ Foreign issuance expected

The smart choice for parting ways in investment banking is to avoid being too clever

◆ Funding completed ahead of more political instability ◆ Deal leaves no concession, according to rival bankers, when others are paying up ◆ Total book larger than deal size but only with JLM orders

International borrowers back in Swiss francs as long tenors find traction

Foreign investors show confidence in French assets, including innovative defence financing deal, as political concerns grow

◆ Deal is first since French PM called confidence vote ◆ Some concession left on top of wider secondary levels ◆ Bankers call French covered paper 'attractive'

◆ Four years is the 'sweet spot' ◆ Existing curve ignored during pricing ◆ Slim premium paid over recent deals

◆ Slim premium paid for popular deal ◆ Outstanding bonds ignored during pricing ◆ Good chance to pick up high spread UniCredit exposure

◆ Deal prices through fair value ◆ Strong bid for non-European names on display ◆ Trade spotted tighter post-pricing

◆ Softer open no problem for Dutch bank ◆ Market ready and willing to buy size ◆ Investors show large preference for one tranche over the other

Rare green bond from Zug Estates added diversity to this week’s Swissie issuance