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Rare green bond from Zug Estates added diversity to this week’s Swissie issuance
Lower than expected issuance volume to keep covered spreads tight into the autumn
◆ Deal to build on strong bid for non-European paper ◆ Investor call scheduled for next week ◆ 50bp area start possible, say bankers away from deal
Sub-sections
Sub-sections
Deal reviews
◆ Deal lands at record spread through OATs ◆ Immediate performance pushes OAT spread tighter ◆ Investors still keen despite tight price
◆ Deal one of the tightest of the year ◆ Granular book peaks at over €2.2bn ◆ Slim to no premium paid
◆ Popular trade performs in secondary ◆ Performance erases premium ◆ NAB offers an attractive relative value proposition
◆ Deal appears tight compared to recent supply ◆ 'Decent' pick up paid over SSAs ◆ Slim premium offered over Nordic peers
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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Aussie covered supply could rise if proposal to lift cover pool cap passes -
◆ UBS ends 14 month Swiss franc covered absence ◆ Next to no premium paid ◆ Swiss bank has raised AT1, senior unsecured and now covered in the last week
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Books bulged in July as investors flocked to the last of the summer deals
