Euro
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Investors may prefer to buy covered bonds amid escalating geopolitical tensions but rates volatility is against them -
Car park operator the only mandate out as issuers hold off
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◆ Israel attack adds to reasons for FIG issuers to pause ◆ Euro issuance expected later in the week ◆ Chance for lower tier borrowers
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New week, new challenge as war in the Middle East adds to uncertainty
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Senior issuance to come to the fore as higher rates deter covered bonds and subordinated funding
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The more spread the better amid violent market moves that mean opportunists will prosper
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Euro and sterling trades hard to evaluate but still get over the line
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◆ UK life insurer doesn't fully cover €500m seven year note ◆ Syndicate struggles to tighten as demand falls short ◆ Volatility and lack of name recognition blamed
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◆ Investors support deal after physical roadshow ◆ Pricing within expectations, with around 10bp pick-up to other German banks and 'max' 10bp NIP
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Issuer was reasonable about pricing but did not stop bankers from worrying about backdrop for future supply
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Issuer builds book three times the deal size
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◆ Senior deals beckon if volatility subsides ◆ Hamburger Sparkasse pricing likely to be unaffected by higher rates ◆ Covered bonds more affected by rate swings
