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Covered bond issuers have been reluctant to issue on the same day as a central bank announcement, but this is starting to change
◆ Austrian bank pays healthy new issue premium ◆ Small order book saw minimal attrition ◆ Banker said market was 'heavier' at open
◆ French lender fixed deal at half the order book's size ◆ Covered offered small new issue premium ◆ Banker said CRH's and UniCredit Austria's deals showed 'fatigue'
Data
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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
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
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
More articles
More articles
More from covered bonds
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Mounting concerns over rising rates resulted in a fair degree of price sensitivity for a rare 20 year covered bond issued on Tuesday by Bawag, the Austrian lender. But with a little new issue premium, demand was still good. -
Všeobecná úverova banka (VÚB) issued a €500m five year covered bond on Wednesday at the tightest spread for any issuer from Slovakia.
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A debut green covered bond from OP Mortgage Bank, and a green Pfandbrief from Berlin Hyp, that were issued this week priced through mid-swaps and tighter than any other covered bonds issued so far this year, yet they still managed to attract broad and diversified demand.
