NatWest Markets
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◆ Aussie issuer tightens 5bp from IPTs ◆ First sterling covered from issuer since November 2023 ◆ Aussie banks have been busy in covered bond market -
British bank picks four leads to run its second public sterling BTL mortgage covered bond
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Nine banks chosen to run £1.5bn borrowing programme
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◆ First senior euro trade of the week ◆ Small premium paid ◆ Bond already performing on Tuesday afternoon, says rival banker
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◆ Asian issuer opts for £500m no-grow format ◆ Deal offers small new issue premium ◆ Deal takes cue from BMO and KHFC
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◆ 5bp of tightening is the ‘standard’, said banker ◆ NatWest’s covered slightly wider than tightest sterling this year ◆ Fifth covered on a Friday this year
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Two senior bankers to leave, new roles for Tayler and Roose
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◆ Bank refreshes own record from last September ◆ Deal's non-call 10 period unusually long for the sterling market ◆ Lack of sterling tier one supply attracts 'huge book'
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◆ British lender fixed spread and deal size from outset ◆ Order book closed at over two times the deal size ◆ Fixing terms enabled faster execution, the lender said
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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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A series of foreign bank issuers move in force to raise dollars, pushing weekly issuance tally close to March 2025
