Top section
Top section
Most recent
◆ Deal appears tight compared to recent supply ◆ 'Decent' pick up paid over SSAs ◆ Slim premium offered over Nordic peers
◆ 'Humongous' compression at the long end attractive ◆ Small premium paid on tighter headline level ◆ Tasty pick up still offered over KfW
◆ Belgium arm takes size with first deal since February 2024 ◆ Slim premium paid ◆ More Benelux supply expected
Sub-sections
Sub-sections
Deal reviews
◆ Deal appears tight compared to recent supply ◆ 'Decent' pick up paid over SSAs ◆ Slim premium offered over Nordic peers
◆ 'Humongous' compression at the long end attractive ◆ Small premium paid on tighter headline level ◆ Tasty pick up still offered over KfW
◆ Belgium arm takes size with first deal since February 2024 ◆ Slim premium paid ◆ More Benelux supply expected
◆ First syndicated covered bond since early July almost four time covered ◆ Deal lands tight but still offers SSA pick-up ◆ RFPs circulate as pipeline builds
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
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
DekaBank's sub-benchmark success shows investors are there, but issuers are unwilling to follow
More articles
More articles
More from covered bonds
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◆ German bank sells first euro Pfandbrief since October ◆ Investors send book to almost €6bn ◆ ‘Will price in range’ strategy attracts attention -
◆ Italian firm attracts €7bn peak book ◆ Deal lands up to 20bp through govvies ◆ However, high single digit premium still needed
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◆ Expectations of size in a range ◆ Pricing in the mid to low 30s anticipated ◆ Issuers have a preference for shorter green deals
