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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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◆ Deal takes €250m more than targeted ◆ Slim premium paid for duration ◆ Investors still happy to buy despite longer tenor -
◆ Rare deal pairs payouts in the same tenor ◆ €1.5bn also raised in longer tranche ◆ No cannibalisation
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◆ Slower deal appeals to ‘true covered’ buyers ◆ Slim premium paid over recent deals ◆ Deal is Italian lender’s first of its fiscal year
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◆ Deal takes size despite lower line availability ◆ Premium paid over comparable bonds ◆ Benchmark SpaBol’s second deal of 2024
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◆ Next to no premium needed for capped sale ◆ Demand holds firm despite price tightening ◆ Popular deal broadens investor base
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Shorter deal fits mortgage origination pattern as investor appetite vanishes for ultra-longs
