Covered Bonds
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◆ Largest CEE deal since 2013 ◆ Issuer ends five year absence with tight print ◆ No concerns over French parent -
Deal will be the first since the Sparebanken Vest and Sparebanken Sor merger
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Recent Slovakian paper to guide pricing for the upcoming Czech deal
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◆ Canadian lender sticks to the plan despite rates volatility ◆ Deal lands close to fair value ◆ Tenor chosen to avoid comparison with Aussies
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Diversifying demand... coming inside euros... landing flat to dollars... the UK market looks tasty
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◆ Deal first in sterling from Australia since late 2024 ◆ Trade prices flat to euros ◆ October redemptions could drive further supply
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◆ Almost €700m of orders lost… ◆ …but deal still prices tight ◆ Trade Commerzbank's third five year this year
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◆ New deal offers half the spread of the last one ◆ Investors pile into rare trade's book ◆ Pick up provided over govvies
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◆ South Korean lender enters sterling for the first time ◆ Spread move the biggest in 18 months ◆ Deal lands flat to fair value and euros
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◆ Higher spread deals from established jurisdictions attract demand ◆ RLB Steiermark returns after more than two years away ◆ No premium needed for CCF's third of 2025
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◆ No premium needed for 'well-funded' name ◆ Final book the biggest in four weeks ◆ Deal attracts strong asset manager bid
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◆ Demand sticky despite tight spread ◆ Next to no concession offered ◆ Pick-up to SSAs not a concern
