Helaba
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BayernLB, NordLB and Helaba shared loan to refinance Rheingold portfolio -
Sxiteen additional lenders joined the syndicate as Uniper and Amazon sign offtake PPAs
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Analysts see covered bond issuance slowing to a more sedate pace from October through to the end of 2026
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◆ Issuer chose larger order size ◆ Strong supply of five year covereds cited ◆ Seventh German covered in three weeks
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Bankers predict steady flow of covered bonds issuance over coming weeks despite recent spike in activity
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◆ Spread tightened by 8bp from IPTs ◆ Banker said order book quality stayed high despite losing some investors ◆ Second Czech covered in two days
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◆ Issuer pays small new issue premium ◆ Order book showed 'more than enough demand' ◆ Four German banks issued covereds in past two weeks
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◆ CFF tightened spread by 6bp ◆ CFF and Hypo Vorarlberg Bank paid small concessions ◆ NN Bank attracted largest order book of the day
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Issuance may relent next week but the pipeline for the rest of the year is uncertain, say experts
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◆ Third German covered in two days ◆ Issuer's second covered of 2026 ◆ Small new issue premium offered, says banker
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◆ Intesa Sanpaolo's Slovakian arm is a frequent issuer ◆ Banker said 33bp could be through FV ◆ CEE covereds offer the widest spread, ABN wrote
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◆ Highest over-subscription rate of Monday's covered deals ◆ Fourth tranche from a Swedish issuer this year ◆ No grow format helped tighten spread
