Crédit Agricole
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The only covered bond issued this week landed with a small new issue premium -
This week’s covered bond market was quiet compared to seniors and SSAs, bankers say
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◆ Greek bank tightened spread by 25bp ◆ One of two green bonds sold on Tuesday ◆ Green label creates 'stickier' order book, says banker
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◆ French issuer tightens spread by 6bp ◆ Order book closes at €2.5bn peak ◆ Only covered bond issued on Tuesday
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No covered bonds have been issued in primary since Tuesday
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Crédit Agricole CIB's head of covered bond and SSA research expects premiums to stay at current levels
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There were no new covered bonds issued on Thursday after two on Wednesday and four on Tuesday
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◆ Issuer attracted order book of €1bn ◆ Bid-to-cover ratio was consistent with recent precedents◆ Fair value not easy to establish
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European and other regulators are working on reforms to make covered bond funding more efficient
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◆ Bond the first EuGB covered ◆ Danish issuer tightens spread by 5bp ◆ Issue offers next to no concession
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Issuers are waiting for the volatility caused by the escalation of the war in the Middle East to normalise, bankers have said
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Executive is moving to more senior role
