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◆ 48bp over mid-swaps spread for five year SP paper unbeaten since 2020 ◆ Nordic banks first to exit earnings blackouts ◆ New issue premium debated
◆ Deal lands flat to recent UK and Canadian trades ◆ Dollar prices find stable footing for issuers and investors ◆ Pricing in line with other currencies
Don't miss your chance to choose this year's Bond Award winners
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Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Tweaks to trading book rules will be next stage of competition
Come May, current dollar market's gain may turn into euro pipeline's pain
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Finely tuned pricing was the order of the primary market last week, with a drop in volatility leading to a decline in average movements from initial price thoughts. But despite the VIX falling to its lowest level since February 2020, there were still signs of price sensitivity — and average new issue concessions grew in the most affected markets. -
Erste Bank’s Croatian subsidiary was the sole bank to being new issue outside the covered bond on Tuesday, with bankers surprised at just how quiet the market is despite the attractive backdrop.
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Sabadell’s non-preferred paper widened this week after it dropped out of investment grade indices following a recent ratings downgrade from S&P. However, despite this brief sell-off Sabadell still remains one of the more attractive performers so far this year.
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Crédit Agricole announced plans on Tuesday to market its first covered bond from its social framework in what will be a rare maturity. At the same time leads on Credito Emiliano's proposed covered bond opted to wait until the European Union prices its deal is priced before launching.
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Canadian Imperial Bank of Commerce revealed the mandate on Monday for the first Canadian dollar covered bond of the year and the first to be issued in 144A format in over 12 months. Prospects for further issuance in the currency are promising.
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National Australia Bank priced an €850m seven year Australian covered bond on Monday, comfortably inside recent deals from New Zealand and opted against issuing a larger deal size at a wider spread. At the same time, Credit Emiliano mandated leads for another euro benchmark.
Polls and awards
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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