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◆ Italian bank increased benchmark size to €750m ◆ Deal expected to perform in secondary ◆ Covered was one of two issued on Thursday
◆ Canadian bank lands tightest euro covered this year ◆ Further Canadian issuance on the day ◆ Banker on the deal said tranches were priced just inside fair value
◆ Austrian bank's first covered in nearly two years ◆ Both tranches offered 5bp of NIP says banker ◆ Modest 3bp tightening reflects 'normalisation' of covered market
◆ German bank secured spread tightening across tranches◆ Banker said first tranche offered small NIP but second had nothing ◆ Tuesday’s deals failed to deliver the spectacular order books of last week
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Investors flocked to the short dated core European sub-benchmark trade -
The quality of demand was good but subscription ratios were low
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The cost of funding was tighter than what the borrower could have expected had it issued in euros
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Market conditions were good but three of four deals on Monday proved underwhelming
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Tenor, attractive starting spread and green credentials enabled a larger than expected deal
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Demand for top rated short dated covered bonds remains healthy, despite hefty supply
