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◆ German bank paid small new issue premium ◆ €1bn size was main objective ◆ Low or no new issue concession in line with contemporary deals
◆ Intesa Sanpaolo's Slovakian arm is a frequent issuer ◆ Banker said 33bp could be through FV ◆ CEE covereds offer the widest spread, ABN wrote
◆ Highest over-subscription rate of Monday's covered deals ◆ Fourth tranche from a Swedish issuer this year ◆ No grow format helped tighten spread
Data
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Deal reviews
◆ Korean lender capped trade to focus on spread ◆ Shared market with four other deals ◆ Asian firms have been busy since market reopened
◆ Issuer tightened spread by 5bp ◆ One of five euro benchmark covereds issued on same day ◆ BayernLB landed tighter covered in June
◆ Swedish bank funds across the capital stack ◆ Latest euro covered bond launched to capture strong demand ◆ One of the tightest deals in three years
◆ Both issuers are linked to RBI Group ◆ Austrian bank prices with negative concession... ◆.... while RBI's Slovakian subsidiary pays premium for its largest deal in many years
Opinion
Covered bond issuers have been reluctant to issue on the same day as a central bank announcement, but this is starting to change
The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
If it looks like a covered bond, acts like a covered bond and prices like a covered bond, then it probably should be treated like one
Easily dismissed as "fast money" with all the negative implications that can bring in the primary bond market, hedge funds are becoming increasingly important to covered bond issuers
Analysis
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Asset class is about 5bp wider than at start of the year
Comments from regulators welcomed by ECBC head
After the busiest June since 2010, banks are well progressed in the covered funding programmes
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More from covered bonds
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Berlin Hyp issued a well oversubscribed €500m eight year mortgage backed covered bond on Wednesday and attracted exceptional demand from foreign investors, even though the deal was priced tightly.
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BNP Paribas Home Loan SFH made a rare foray into the covered bond market on Wednesday, selling a €500m long seven year deal that was priced well through the French government bond curve. -
With more than 100 investors in the book and an oversubscription ratio of nearly three times, Nord/LB’s Luxembourg subsidiary enjoyed one of the best receptions of any €500m covered bond seen this year and one that was much better than all its previous deals.
