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◆ First deal to release IPTs on busy day ◆ MPS M&A bid had 'no impact' on deal, says lead ◆ Priced flat to fair value
◆ Investors turning 'price sensitive' lead says ◆ Follows recent heavy supply of tier two ◆ New issue premium debated
◆ German bank had the primary market to itself on Monday ◆ More covereds issued from Germany than any other country ◆ Banker said 7bp over offered small new issue premium
Data
Currency's higher yielding appeal has lured investors across the capital stack
Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
Less frequent issuers making the most of market with strong bid for yieldy assets
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
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Executing bond syndications from home has proved to be feasible, bankers said in the wake of Royal Bank of Canada’s five year covered bond issued on Tuesday. Even so, the lack of physical back-up from nearby colleagues and the seamless access to certain key functions such as trading means that working from home is very much second best in practice compared with normality. -
Denmark and Sweden unveiled a number of policies to combat the economic effects of the Covid-19 pandemic this week, with big changes to their funding plans. Sweden has decided to focus on the short end with an increase in treasury bill and commercial paper borrowing, while Denmark has chosen to increase its overall funding programme.
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That nine US companies and banks should launch bonds the day after a 12% fall in the S&P 500 index, the worst since 1987, is astonishing, but probably shows that companies are anxious to bank large quantities of cash in case markets get worse. The barrage of issuance comes despite core fixed income markets such as Treasuries, swaps and commercial paper being under strain.
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Royal Bank of Canada, Toronto Dominion Bank and Canadian Imperial Bank of Commerce all attempted to access the covered bond market on Tuesday with euros clearly showing more depth than sterling. The fact the three issuers were in the market simultaneously, whilst a fourth was monitoring the market, is not coincidental and contrasts with European and UK issuers that already have a central bank liquidity life line.
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Market participants are debating whether the EU is responding quickly and strongly enough in the coronavirus crisis, after the bloc put off the question of how to involve the European Stability Mechanism on Monday evening.
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Central banks are dusting off the 2008 playbook, thrusting liquidity at the banking system and hoping some of it gets through to banks' end clients. It’s better than nothing, but the coronavirus crisis one primarily of corporates — and the rescue toolkit needs updating.
Polls and awards
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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
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