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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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◆ Rare deal pairs payouts in the same tenor ◆ €1.5bn also raised in longer tranche ◆ No cannibalisation -
◆ 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
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◆ Dutch bank last issued in 2022 ◆ Investors eager to buy after lacklustre June and July ◆ Next to no premium needed
