DekaBank
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◆ Hungarian bank paid small new issue concession ◆ Spread about double that for a core European name ◆ OTP is largest Hungarian issuer of covereds -
◆ 'Strong' bid from international and domestic accounts ◆ Priced inside of issuer's target level ◆ Lower NIP than last week's trades
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◆ Big redemption wave and higher yields provide positive tailwind for new issuance ◆ DBS refinances in size ◆ Deka prints a touch inside fair value
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◆ Austrian issuer opted for no-grow tactic ◆ One of three covered bonds priced on Tuesday ◆ Bankers said the deal offered no new issue premium
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◆ German issuer's covered was 3bp inside previous tightest ◆ Banker said tightest covered for 2.5 years ◆ Third German covered bond this month
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Changes to ECB collateral eligibility requirement could lead to more blockchain-based covered bonds, Moody's suggests
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Absence of larger covered bond issuers provides a window for smaller deals
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◆ Sub-benchmark note tightened by 6bp ◆ 14bp reoffer was at or just outside FV, says lead ◆ Order book showed some attrition in 'slightly weaker market'
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◆ Covered was first from issuer since October 2025 ◆ Spread chosen to retain quality of order book ◆ Pipeline update
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Clearstream and the VDP are working together to get system working by end of 2026
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Deal expected to be priced after multi-week marketing period
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DekaBank's sub-benchmark success shows investors are there, but issuers are unwilling to follow
