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◆ Aussie bank has primary to itself on Friday ◆ Deal ‘sufficiently different,’ say bankers ◆ Both tranches offer small premiums
French company diversifies funding after inaugural dollar deal last year
The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
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Deal reviews
◆ Aussie bank has primary to itself on Friday ◆ Deal ‘sufficiently different,’ say bankers ◆ Both tranches offer small premiums
The awards recognise the market's leading deals, issuers, banks and other participants
◆ German bank lands flat to fair value ◆ Order book closes at over two times covered ◆ Deal NordLB's first in almost a year
◆ Issuer lands in 'the place to be' amid strong demand for covereds ◆ Achieves its largest covered book since at least 2023 ◆ After 7bp tightening the bond was spotted another 2bp tighter to erase new issue concession
Opinion
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
The fears of the covered bond market reflect a lack of conviction in the superiority of the product
Analysis
Benchmark issuance is running 13% ahead of last year
Burst of deals this year in uneven market suggests investors want alternatives to Treasuries
Central and Eastern Europe earmarked as an area of growth by market participants
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
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The UK has begun the process of creating its own versions of the European Union’s sustainable finance regulations, by picking a Green Technical Advisory Group to help it draft a green taxonomy. It will face two conflicting priorities: to maximise harmonisation by staying close to EU rules; and to depart from them, for a variety of reasons including the possibility of improving on the EU’s approach. -
The Green and Social Bond Principles organisation published the first new version of the Green Bond Principles since 2018 on Thursday. It strengthens the recommendations that issuers publish a bond framework and obtain an external review, and encourages issuers to communicate about their organisation-wide sustainability efforts, not just the assets linked to the labelled bond.
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Covered bonds issued this week by SCBC and Bank of New Zealand were thinly oversubscribed and illustrated that investors are still sensitive to price, albeit that demand was good for a small green debut from Eika Boligkreditt and a tap from Oma Savings Bank.
