Covered Bonds
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Almost one in five euro benchmarks have been tightened by a double digit spread this year -
UK lender aiming to position itself close to peers in euros
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◆ Issuer solves for size ◆ Slim, single digit premium paid ◆ Seven years a popular tenor for French banks this year
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Slim pick-up over larger Nordic peers expected on what could be Sparebanken Sør’s final euro outing
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Senior unsecured competition to put pressure on covered pipeline
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◆ Lack of comps making finding fair value tricky ◆ Leads spot the deal flat ◆ Demand strong despite contractual structure
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◆ French firm sells its first mortgage-backed deal since April 2023 ◆ Negative new issue premium paid ◆ French firms enjoy positive political tailwind
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◆ Investors flock to €300m print ◆ Bond priced flat to fair value ◆ Deal spotted tighter almost immediately in secondary
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Structured covered bond expected to offer pick up over legislative peers
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◆ Small deal attracts big book ◆ Bond prices through fair value ◆ Austrian issuer compresses spread to more liquid peers
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Covered and corporate issuers almost wholly responsible for lower volumes
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Bankers expect lack of competing supply from larger names will drive strong outcomes
