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◆ Extends sterling curve by 15 months ◆ BMO 'well liked, well followed' name, lead says ◆ Lower NIP paid than on recent sterling trades
◆ 'Reassuring' result as Danish lender becomes more frequent issuer ◆ Strong bid from international accounts ◆ Minimal NIP
The bank tightened a little more than a UAE peer did on Tuesday
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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Caisse Francaise De Financement Local (Caffil) has mandated lead managers for its third covered bond this year and plans to open order books for a euro denominated 10 year transaction, the third from a French issuer since May. -
Slovakia's Vseobecna uverova banka (VUB) will offer covered bond investors a rare chance to buy bonds with a considerable pick-up to core European deals, having mandated leads for a €500m five year deal rated Aa2 that is expected to be launched on Tuesday, subject to market conditions which have recently deteriorated.
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BPER Banca said on Monday that it would buy more loans and branches than expected as part of its involvement in a potential tie-up between Intesa Sanpaolo and UBI Banca. The merger process hit a snag last week, but market participants hope that a deal can still be agreed.
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Sentiment is deteriorating in the financial institutions bond market amid fears of a second wave of coronavirus infections. Issuers are now expected to take a back seat until credit spreads show more signs of stability.
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Covered bond spreads in euros have already recovered more than half of the widening that they suffered through March and April due to the coronavirus pandemic. Market participants are now scrambling to find the bargains as returns vanish once again.
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The European Central Bank’s chief supervisor has spoken out this week against the complexity of the capital triggers that can lead to restrictions on payments of additional tier one (AT1) coupons. He expressed his fear that these arrangements could be having a negative impact on bank lending behaviour during the coronavirus pandemic.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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