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First new covered bond since the end of February ◆ Deal shows investor preference for short-dated paper – RBC ◆ Issuer benefits from minimal exposure to Middle East, says banker
◆ Norwegian bank increases size ◆ Issuer meets spread objective ◆ Banker said he drew confidence from secondaries
◆ Italian bank landed price and size with latest offering ◆ Deal was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’
◆ New Zealand bank tightened spread close to FV ◆ Bond more than three times subscribed ◆ Banker said spread struck a fair balance
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◆ Small French name attracts €3bn book ◆ Almost no premium needed ◆ Small pick-up to OATs no problem -
◆ Investors show little concern over sterling instability ◆ Deal comes flat to fair value ◆ Prices flat to peers and inside recent SSA supply
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◆ Pair attract €9bn of combined final demand ◆ Little to no premiums needed ◆ Deals already tighter in secondary
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◆ Tight govvie spread no problem for spread hunters ◆ No premium needed ◆ Some buyers resisted pricing through 70bp
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Investors on the hunt for spread and yield, as market adjusts to lower interest rates
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◆ Deal lands with low single digit premium ◆ Investors propel book to almost €5bn ◆ Trade already tighter in secondary
