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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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The short tenor and price transparency comforted investors, helping to drive early order book momentum -
Short maturity helped ensure ANZ paid a much lower concession for its deal than Bank of Nova Scotia
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Commerzbank’s transparent pricing ensured it was able to issue its largest covered bond ever
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The short tenor proved a decisive factor in capturing bank investor interest
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Sizeable deal could have been even larger had a shorter maturity been chosen
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Order books for sterling covered bonds have been slow to build and smaller than usual, despite a double digit spread widening
