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◆ 'Real money' order book supports €1bn size ◆ 'Not much' delta between Nordic names, lead says ◆ Up to 5bp of concession
The only covered bond issued this week landed with a small new issue premium
◆ Small premium left for investors ◆ Final yield close to 4% 'inflection point' ◆ Rabo adds to senior green rush
Data
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
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◆ Tier one capital flies in rallying market ◆ High initial new issue premiums draw big orders ◆ Axa adds new tier two, Commerz buys back old AT1 -
Investor sensitivity means lower spread moves and smaller book cover levels
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◆ Deal multiple times subscribed ◆ Fair value debated ◆ RCI Banque experiences attrition
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◆ Mid-single digit premium paid ◆ Deal attracts slim yet granular book ◆ Benchmark Austrian supply down by two thirds
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The Aussie bank will visit four European cities next week during the deal's roadshow
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Why big money hiring fails so often in investment banking
Polls and awards
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
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