NatWest Markets
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European banks are trying to crack the US with a fresh expansion drive, but focus remains the watchword -
◆ Leads picked three Achmea bonds as comps ◆ Dutch bank’s was one of two covereds on Monday ◆ Achmea’s was fourth Dutch covered this month
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◆ Spreads tightened on eight and 12 year tranches ◆ Banker had issuer paying 2bp NIP on both legs ◆ ING’s second covered deal of 2026
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Specialist moves after 18 years in the market
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Deal includes $1bn 3.75 year term loan
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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
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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
