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◆ 'Reassuring' result as Danish lender becomes more frequent issuer ◆ Strong bid from international accounts ◆ Minimal NIP
◆ Shorter tranche tightened more than longer ◆ Largest single euro covered tranche since 2024 ◆ Banker said longer end paid more premium
◆ Issuer chose larger order size ◆ Strong supply of five year covereds cited ◆ Seventh German covered in three weeks
Data
Contrasting investor receptions in euro and sterling markets but new issue premiums rise in both
Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
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Deutsche Bank has joined many of its European peers in looking for savings in the dollar market, opting for an unusual maturity structure with a new tier two deal in the currency on Monday. -
NN Bank used a quiet market this week to launch the first deal from its new soft bullet covered bond programme. The inaugural deal carried an ‘attractive’ spread and was more than three times subscribed at final terms.
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Assicurazioni Generali and Uniqa Insurance are each looking at selling tier two capital from their green bond frameworks, using a quieter period in the new issue markets to explore more complicated and multi-faceted transactions.
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Post-crisis reforms have broadly succeeded in ending the concept of ‘too big to fail’, according to the Financial Stability Board, which argued in a report on Sunday that total loss-absorbing capacity (TLAC) rules were making the global banking system more efficient.
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Korean Housing Finance Corporation (KHFC) has launched its second social covered bond of the year in euros, setting the spread for its deal in the middle of its guidance range.
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NN Bank unveiled plans on Monday to issue its first covered bond from its newly published soft-bullet programme. At the same time, Berlin Hyp has mandated lead managers for the sale of a new green covered bond.
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