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Wide SSA spreads and stale secondary levels are pushing out covered spreads and NIPs
◆ Euro covered priced inside dollars for Canadians ◆ Small premium paid ◆ Infrequent funder 'in the pack' with peers
◆ Capped deal starts with spread range fixed from outset ◆ Issuer adds €115m of orders after setting spread ◆ Finding fair value tricky
Data
Sub-sections
Sub-sections
Deal reviews
◆ Euro covered priced inside dollars for Canadians ◆ Small premium paid ◆ Infrequent funder 'in the pack' with peers
◆ Capped deal starts with spread range fixed from outset ◆ Issuer adds €115m of orders after setting spread ◆ Finding fair value tricky
◆ Book falls €150m from its peak ◆ Leads pledge €107m ◆ Single A deal tricky to compare
◆ Deal comes close to fair value ◆ Shorter tenor offers investors something different ◆ Mass wave of sterling supply not expected to follow
Opinion
How investment banks profit when clients can’t shop around, and why their clients should be grateful
Jarring, disengaging virtual meetings may have supplanted elite airline status and globetrotting at will for investment bankers. But this is an industry where the smartest adapt, and will make the best of both
It’s who buys the bond, not how much they pay that counts
Capital markets may be about numbers but more than that, they’re about people. When you’re pitching clients remember that, and also what Aristotle said about logos, ethos and pathos — but forget the hubris
Analysis
Wide SSA spreads and stale secondary levels are pushing out covered spreads and NIPs
Stale secondary curves send average new issue premiums wider
Issuers said to have this week 'withdrawn' planned covered bond sales will look at later window
At least one issuer considers 10 year but spread dynamics could be off-putting
More articles
More articles
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◆ At least five more deals expected this week ◆ Sub-benchmark names to take their time ◆ Further supply mooted
