Natixis
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Despite a strong year for euro covered bond issuance more broadly, volumes from France are way down on last year -
◆ French lender fixed deal at half the order book's size ◆ Covered offered small new issue premium ◆ Banker said CRH's and UniCredit Austria's deals showed 'fatigue'
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◆ Broken tenor answers two requirements, says banker ◆ Issuer's last covered bond deal was in November 2025 ◆ Only Italian comparables picked
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◆ Soft bullets offer no benefit to Spanish issuers — BBVA ◆ Investors like certainty of hard bullets, says banker ◆ Lead managers use seven Spanish deals as comps
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◆ Aussie bank has primary to itself on Friday ◆ Deal ‘sufficiently different,’ say bankers ◆ Both tranches offer small premiums
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The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
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Borrowers have been busy already this year so the pressure to issue is off
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◆ Canadian bank had primary market to itself ◆ Deal offered small new issue premium, says banker ◆ EBC meeting expected to close the pipeline tomorrow
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◆ Order book peaked at close to €2bn ◆ Issuer announced plan to launch ESN in May ◆ Analysts predict mixed fortunes for instrument in the immediate future
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◆ Order book peaked at over €3bn ◆ Finnish lender tightens both tranches by 6bp ◆ Issuer's previous covered was in March
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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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◆ Order book grew steadily to close at its peak ◆ Second EuGB covered bond ever issued ◆ French lender's previous covered was in January
