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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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Market awaits EU’s lead once election volatility subsides -
◆ Rapid bookbuild ◆ Investors ‘don’t care’ as issuer pays negligible concession ◆ Tenor maximises Bund spread
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The Australian dollar deal is the first of its kind from US insurance heavyweight since 2020
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Conditions ripe for strong deal flow but issuers must still navigate geopolitics and rates volatility
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◆ NIP consensus among bankers ◆ BMO finds it 'easier to attract demand' ◆ Favourable ‘timing’ and ‘optics’
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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