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◆ 'Real money' order book supports €1bn size ◆ 'Not much' delta between Nordic names, lead says ◆ Up to 5bp of concession
The only covered bond issued this week landed with a small new issue premium
◆ Small premium left for investors ◆ Final yield close to 4% 'inflection point' ◆ Rabo adds to senior green rush
Data
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
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
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◆ Insurer sells first RT1 before calling legacy tier one ◆ Priced close to or through fair value ◆ Investors bullish on Italy -
Consumer and auto ABS dominating Spanish market
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Mainstream credit investors pile in, reducing reliance on hedge funds
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Hire follows two senior departures from SMBC
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◆ Dutch bank takes €1.5bn at four years ◆ Little resistance to pricing through 20bp ◆ Sticky book allows for tight final level
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Lloyds has also added its sterling prime RMBS to the pipeline
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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