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◆ Deal is joint tightest in the asset class since October 2021 ◆ Finishes with larger book than Nordea's November 2025 outing ◆ 'Flight to quality', outright rates and search for sub paper power strong outcome
◆ RBC's second euro dual trancher of the year ◆ Takes large size in very busy market ◆ 'Nice' to price 4NC3 10bp inside Morgan Stanley, lead says
◆ First RT1 since January ◆ Huge order book with no attrition ◆ High-beta appetite increases further down the capital structure, lead says
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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◆ Investors support deal after physical roadshow ◆ Pricing within expectations, with around 10bp pick-up to other German banks and 'max' 10bp NIP -
The deal attracted half the demand of compatriot issuer's, but was priced far tighter
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The wide starting spread suggested a great deal of price discovery
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The embattled UK High Street lender has confirmed it is exploring fundraising options
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The bank joins a growing list of RBI subsidiaries selling public bonds
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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
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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