Issues
-
Swiss commodities firm has deleveraged thanks to elevated free cash flow -
Record deals from across region even as Gulf borrowers extend public market hiatus
-
Blackouts keep issuance sparse
-
There were no new covered bonds issued on Thursday after two on Wednesday and four on Tuesday
-
Sovereign praised for move to secure funding after volatility
-
Books for the jumbo €5bn deal were more than three times subscribed
-
The spread to the sovereign was well over 100bp at initial pricing
-
◆ Asset class is 10bp wider than two months ago ◆ Santander prints for the first time in more than two years ◆ Swiss Re restarts even rarer insurance capital funding
-
◆ Sovereign breaks BTP orderbook record again ◆ Demand was huge, but not because price was cheap ◆ Curve stability despite addition of jumbo 10 year
-
◆ Issuer’s last covered was in May 2023 ◆ Fifth Dutch covered bond in past month ◆ Fifth €500m no-grow deal in past two days
-
◆ Bond tightens in grey market after record Treasury level ◆ Goldilocks scenario drew investors ◆ Canadian SSAs back in dollars
-
◆ Issuer’s first EuGB hybrid 10 times covered at peak ◆ Tight senior/sub spreads attractive for issuers... ◆ ...while solid yields entice investors
