Issues
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BSTDB has had a tricky time since Russia attacked Ukraine, both of which are shareholders -
◆ German bank fixed spread and size at outset ◆ Issuer not 'closely followed in UK' ◆ Niche sterling issuer meant 'no clear reference for FV'
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◆ OTP Mortgage Bank order book outstrips previous demand ◆ Tightening in line with recent performance, says banker ◆ OTP becoming 'more established' as covered issuer
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◆ Issuer tightens spread by 8bp ◆ Deal prices outside comps ◆ Lack of Japanese covered bond law affects demand, says banker
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Commodities trader halves its stake for £132m after shares soar
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◆ Sovereign takes plunge into 30 year ◆ Book almost twice that of 2024 deal ◆ Large size, tight NIP, others encouraged
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Bank is issuing second trade using structure launched in October
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◆ US drinks giant brings jumbo deal across the curve ◆ 12 year tightens the most ◆ Premiums vanish across the tranches
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Demand peaked at six times the deal size, but many orders dropped out
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◆ Two triple-Bs hit screens ◆ KPN lands through fair value ◆ Demand sticky for Grenke
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Several moves in FIG, securitization
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◆ Investors eager despite lack of new issue premium ◆ Alpha goes to longest point on Greek banks' maturity curve to give higher yield ◆ Ibercaja's rarity works in its favour
