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◆ British lender’s last dollar covered was in 2024 ◆ Banker said dollar covered offered saving versus euros ◆ Lloyds placed a similar bond two weeks ago
Issuance may relent next week but the pipeline for the rest of the year is uncertain, say experts
◆ Issuer tightened spread by 7bp on Tuesday ◆ First euro covered from ANZ NZ since 2023 ◆ Acting treasurer said €750m was the target
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Deal reviews
Issuance may relent next week but the pipeline for the rest of the year is uncertain, say experts
◆ Issuer tightened spread by 7bp on Tuesday ◆ First euro covered from ANZ NZ since 2023 ◆ Acting treasurer said €750m was the target
◆ 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
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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Comfortable oversubscription levels and price tightening were seen in both CBPP3 eligible and non-eligible paper on Wednesday, with Hamburger Sparkasse pricing its first euro benchmark and Norwegian issuer Sparebanken Vest Boligkreditt landing a €500m five year deal.
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Belgian issuer KBC returned to the covered bond market for the first time since April last year with a six and a half year soft bullet Pandbrieven. The €1.25bn deal generated the largest book size seen in recent memory in what was described as a ‘phenomenal’ investor response.