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◆ Small premium left for investors ◆ Final yield close to 4% 'inflection point' ◆ Rabo adds to senior green rush
New issue premium was zero, agreed those on and off the deal
This week’s covered bond market was quiet compared to seniors and SSAs, bankers say
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Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Tweaks to trading book rules will be next stage of competition
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Nationwide Building Society issued the first UK covered bond of the year, the first to test appetite since Brexit was concluded and the first UK deal with a 20 year tenor in euros. As such it offered a particularly rare opportunity to get some spread and yield pick-up. -
LBBW landed its latest senior non-preferred bond, a €500m eight year deal, through its conventional curve on Tuesday, as the borrower enjoyed the spoils of a large and granular order book.
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Morgan Stanley and Goldman Sachs received a warm welcome in the euro market this week, as they turned to the currency amid what one banker described as a “US bank supply wave”.
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There are plenty of reasons to be cheerful about first quarter bank results, but it’s too early to be excited.
Polls and awards
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
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