Natixis
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◆ Largest Czech bank tightened spread by 8bp ◆ Subsidiary of Erste Group announced mandate on Monday ◆ 'Arithmetically, there is no FV', a banker said -
Market participants have questioned if the differential in the risk-weightings between securitized and covered assets will affect demand for covered bonds
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Changes span global markets and risk management
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◆ French issuer tightens spread by impressive 8bp ◆ CFF's fourth covered bond in past two months ◆ Spread of 51bp was flat to fair value, says banker
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The only covered bond issued this week landed with a small new issue premium
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This week’s covered bond market was quiet compared to seniors and SSAs, bankers say
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◆ French lender has placed €3bn of covereds already this year ◆ Order book peaked at just below €2bn ◆ The bond was 1bp outside French government debt, a banker said
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◆ Bank prints first Belgian covered in over six months ◆ Issuer caps order size at €750m from start ◆ Covereds this week offering more new issue concession
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◆ Austrian bank paid 5bp new issue concession ◆ Order size consistent with previous Erste covereds ◆ New issue premiums have increased in recent weeks
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French bank retains overall top spot in euro market, Crédit Agricole leads in senior and JP Morgan in third-party capital sales
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Market participants argue that market uncertainty makes shorter tenors more palatable for investors
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◆ NAB executed at 30bp over mid-swaps threshold ◆ Banker said deal was 'in line with what was expected' ◆ Leads chose three Canadian covereds as comps
