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◆ Bank's second labeled tier two in currency this year ◆ Limited attrition ◆ Volatile energy backdrop amid Strait of Hormuz tensions
◆ Leads picked three Achmea bonds as comps ◆ Dutch bank’s was one of two covereds on Monday ◆ Achmea’s was fourth Dutch covered this month
Two deals could demonstrate premium between STS and non-STS non-conforming RMBS deals
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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The European Central Bank’s decision to introduce deposit tiering should have meant less demand for negative yielding covered bonds. However, there has been little evidence of sustained selling and bank analysts are optimistic that demand will hold up. -
Argenta Spaarbank and Sumitomo Mitsui Financial Group were both marketing senior bonds on Tuesday, making use of the favourable backdrop in the primary market. While Sumitomo was quick to build demand for its bond, Argenta struggled to gather enough demand volume to move the spread from price thoughts.
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Caisse Francaise de Financement Local (Caffil) has mandated leads for a roadshow to present its new green covered bond framework that, unlike its peers, is secured on public sector assets.
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UBI Banca launched a €500m non-preferred senior bond this week, supported by orders of €1.4bn at peak, but it had to pay a new issue premium, according to a FIG banker.
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La Banque Postale (LBP) took advantage of a rare rise in yields to issue a positive yielding covered bond on Monday. Its tiny return was enough to ensure success and stood in contrast to the negative-yielding deals issued last week that could have been hit by European Central Bank’s deposit tiering, said bankers.
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Crédit Agricole launched a non-preferred senior bond on Monday in green format, attracting investors who put in over €2.3bn of orders at guidance.
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