LBBW
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Four banks brought dual tranche covered bonds in two days this week, to avoid being squeezed in congested market -
◆ Shorter tranche tightened more than longer ◆ Largest single euro covered tranche since 2024 ◆ Banker said longer end paid more premium
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◆ Public sector label helped with execution ◆ Order book included large block from a central bank ◆ Banker said small concessions was paid
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◆ Issuer paid small new issue concession, says banker ◆ Eika's first covered since May 2025 ◆ Nordic issuers may be 'done for now'
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◆ Czech bank's first issue since May ◆ Mandate announcement yielded 'decent feedback' ◆ CEE issuers active in covereds this year
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◆ BMO's floater came after Crédit Agricole’s last week ◆ Banker said floaters are becoming more popular ◆ Canadian bank's sixth covered this year
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◆ German issuer showed little order book attrition ◆ UniCredit shared primary market with four others ◆ Market set to slow after a fast start
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◆ German bank paid small new issue premium ◆ €1bn size was main objective ◆ Low or no new issue concession in line with contemporary deals
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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
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Retail and services company initially targeted €100m with third transaction since 2022
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SSA issuance to resume in 'mid-August' says Patrick Seifert, LBBW's global head of DCM
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Europe's mortgage market is facing a 'structural affordability squeeze' says Scope Ratings
