DZ Bank
-
Spuerkeess, Fairstone Bank of Canada and Evangelische Bank issued mandates for debut bonds -
◆ Leads picked three Achmea bonds as comps ◆ Dutch bank’s was one of two covereds on Monday ◆ Achmea’s was fourth Dutch covered this month
-
Four banks brought dual tranche covered bonds in two days this week, to avoid being squeezed in congested market
-
◆ Shorter tranche tightened more than longer ◆ Largest single euro covered tranche since 2024 ◆ Banker said longer end paid more premium
-
◆ Hungarian bank paid small new issue concession ◆ Spread about double that for a core European name ◆ OTP is largest Hungarian issuer of covereds
-
◆ Spreads tightened on eight and 12 year tranches ◆ Banker had issuer paying 2bp NIP on both legs ◆ ING’s second covered deal of 2026
-
◆ Issuer pays larger new issue premium on longer tranche... ◆ ...but none on well covered three year floater ◆ Banker off the deal said heavy supply weighing on demand
-
Bankers predict steady flow of covered bonds issuance over coming weeks despite recent spike in activity
-
◆ Spread tightened by 8bp from IPTs ◆ Banker said order book quality stayed high despite losing some investors ◆ Second Czech covered in two days
-
Only third Portuguese covered this year ◆ Fair value at '13bp-14bp' says banker ◆ Investors responded well to three year tenor
-
◆ Issuer pays small new issue premium ◆ Order book showed 'more than enough demand' ◆ Four German banks issued covereds in past two weeks
-
◆ CFF tightened spread by 6bp ◆ CFF and Hypo Vorarlberg Bank paid small concessions ◆ NN Bank attracted largest order book of the day
