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◆ First RT1 since January ◆ Huge order book with no attrition ◆ High-beta appetite increases further down the capital structure, lead says
◆ Italian issuer's first covered since June 2023 ◆ Demand for seven year tranche was pleasing, says one banker ◆ Scarcity helped demand for euro transaction
◆ German issuer's covered was 3bp inside previous tightest ◆ Banker said tightest covered for 2.5 years ◆ Third German covered bond this month
Data
Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
Less frequent issuers making the most of market with strong bid for yieldy assets
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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US regional banks dominated the issuance pipeline this week -
An OBG repricing may draw demand, especially after budget talks are finalised
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Strong credits, attractive tenors and judicious timing are necessary
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Investors 'jump all over' UK building society
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Pipeline builds for November as liquidity bottlenecks feared in 2024
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G-SIBs looking at stable yen funding should consider clarifying their senior preferred documentation to expand investor access amid rising funding costs
Polls and awards
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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
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