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Orderbooks almost 20% higher than yearly average
The ECB’s withdrawal — both as investor and lender — from the bank bond market has rippled through covered bonds over the last 18 months, according to data from GlobalCapital’s Primary Market Monitor, which tracks syndicated benchmarks across asset classes in major currencies. Frank Jackman reports.
◆ Belfius attracts attention with its joint largest senior deal at 10bp NIP ◆ Now lower tier banks 'don't have to be a hero' to issue ◆ Cajamar debuts in green
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Even those who had expected a soaring end to the year have doubts after zero issuance so far -
Tight overall covered bond spreads mean that new issue premiums appear elevated, despite lower levels
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◆ TD unearths demand for popular FRN ◆ Canadian banks the largest floating rate funders in euros this year ◆ FRN volumes hit five year high
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◆ Investors ready to engage, but supply not forthcoming ◆ Clock ticking on pre-Bastille Day window ◆ Opportunities still available in dollars
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'Relief rather than fear' for investors missing higher yielding deals as they dodge deals from minnows in favour of benchmarks
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◆ Santander Consumer Bank seals 35bp move ◆ 10bp-20bp concessions needed for senior prints ◆ Pipeline slows as issuers enter 'monitoring mode'
