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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
Sub-sections
Sub-sections
Deal reviews
◆ 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
◆ 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
Opinion
Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds
The UK will do better with tactical retreats on regulation than risking being outflanked by the US's wildcat banking regime
The industry’s obsession with appointing co-heads plays into its reputation for competition rather than cooperation
Post-management senior positions can be very valuable, but only if handled right
Analysis
Lower than expected issuance volume to keep covered spreads tight into the autumn
Core Europe to lead the charge but without German issuers
Belly of the curve likely to be most active, but anything from three to 10 years is doable
HQLA investors have reallocated away from covered and into SSAs
More articles
More articles
More from covered bonds
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PPs and club deals allow for greater execution certainty in a stilled market, say bankers -
Santander's popular dual tranche deal could spur others to follow, but flood of trades is unlikely
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◆ Deal attracts more than €10bn ◆ Rarity of name and jurisdiction fuels demand ◆ No premium needed to take size
