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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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Size and spread close to what was possible in euros -
Borrowers are maximising deal sizes, implying that they believe conditions will worsen
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Total demand exceeded €9bn for Tuesday’s Spanish and German deals
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Bank of Montreals £1bn deal was priced flat to recent deals from UK issuers
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Collective covered bond funder opts for price over size
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US dollars, sterling and euros are delivering the cheapest bank funding
