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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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Concessions creeping down as new issue spreads widen
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Issuance to slow as borrowers face higher premiums on longer tenors
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Orders came in when the spread was set in line with initial guidance
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Shorter deals from NordLB and KBC fared better than Baca’s 2029 note
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Two deals demonstrated ample demand for covered bonds across the maturity curve
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With covered bond new issue premiums in decline, French banks issued short and long dated tranches as more issuers prepare to print