Helaba
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Analysts expect the first euro covered bond after the summer lull to be printed in the next two weeks following seven weeks of no issuance -
The German pharmaceutical wholesaler was upgraded to BBB- by S&P last month
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The French Budget in October and US mid-term elections in November could be times for covered bond issuers to avoid
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Covered bonds performed despite geopolitical shocks in early 2026 and will continue to do so for the rest of the year, Rabobank has suggested
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Cost of carry will deter French issuers from pre-funding too much to avoid election volatility
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◆ Austrian bank pays healthy new issue premium ◆ Small order book saw minimal attrition ◆ Banker said market was 'heavier' at open
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◆ Austrian issuer opted for no-grow tactic ◆ One of three covered bonds priced on Tuesday ◆ Bankers said the deal offered no new issue premium
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◆ 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
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◆ French lender opted for no-grow format ◆ Issuer landed tighter euro covered in January ◆ One of the day's three covered deals
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◆ German issuer opts for no-grow format ◆ Banker said early update helped ◆ Deal showed only minimal attrition
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◆ OTP prices 10th Eastern European covered this year ◆ Order book was twice the deal's size ◆ Tuesday's only benchmark deal
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◆ German bank fixes deal size from the outset ◆ Banker said the bonds offered a small new issue concession ◆ Primary market to slow ahead of the weekend, banker predicts
