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◆ Bank prints first Belgian covered in over six months ◆ Issuer caps order size at €750m from start ◆ Covereds this week offering more new issue concession
◆ €1.5bn covered is ING's first of 2026 ◆ 5bp of concession ◆ 'Sweet spot' tenor
◆ Issuer tightens spread by 4bp ◆ Stronger opening on Wednesday paved way for covered ◆ Deal offered some new issue premium
◆ Bond the first EuGB covered ◆ Danish issuer tightens spread by 5bp ◆ Issue offers next to no concession
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Borrowers could be tempted to follow but would need to move this week
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◆ Dual tranche trade attracts over €5bn of orders ◆ 'Generous' spread fuels demand ◆ Other household names could tap quiet market before late August rush
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Leads disagreeing on fair value did not matter, as investors voted with their feet
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Double digit concession and short tenor drove interest above previous highs
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The high new issue premium and short tenor assuaged investors’ concerns
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Strong issuers get better than expected traction, sparking opportunistic deals