Euro
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The asset manager sees higher demand than ever as direct lending proves solid during a crisis -
◆ 'Gangbusters' outcome as books hold ◆ Mix of accounts hunt for senior paper ◆ Jyske Bank prices senior non-preferred
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◆ UBS's covered programme now 'well-known' a year after launch ◆ Investors like the chance to pick up triple-A rated Swiss risk in euros ◆ Premium needed for contractual structure
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◆ Tight deal proves popular ◆ Investors eager to buy seven year paper ◆ Achmea's secondary curve points to higher fair value
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◆ Holding company starts around 40bp wide of fair value ◆ Demand pours into the book ◆ Borrower pays single digit new issue concession
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◆ Big books and 0bp to 2bp concession for Orange ◆ US-China trade agreement buoys markets ◆ Premiums tipped to rise
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Canadian borrower mandates for deal ahead of what is forecast to be a big week for issuance volumes
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‘Rammed’ week ahead with EGBs, EU, EIB, KfW and many smaller names expected to keep investors busy
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The potential for further Trump-induced volatility leaves issuers saving covered bonds for even rainier days
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Demand buoyed by money market fund inflows as investors 'park cash'
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Only a trickle of issuers have printed green bonds under the new standards so far
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There still is demand from investors after this week's senior salvo but issuers need to pay the steeper curves if they want to play
