Rabobank

Bpifrance landed the world's first European Secured Note this week, which could pave the way for regulatory recognition of the product

The bank has been added to DNB's list of registered covered bond issuers

◆ Forth FIG issuer to bring sterling SNP this week ◆ Attractive pricing versus euros ◆ Dutch bank 'the type of credit that helps you sleep at night' says lead

Market participants have questioned if the differential in the risk-weightings between securitized and covered assets will affect demand for covered bonds

◆ Small premium left for investors ◆ Final yield close to 4% 'inflection point' ◆ Rabo adds to senior green rush

Smaller, private banks likely to issue in coming weeks, experts have said

◆ Issuer’s last covered was in May 2023 ◆ Fifth Dutch covered bond in past month ◆ Fifth €500m no-grow deal in past two days

◆ Dutch lender breaks Nykredit's s all-time low reset spread before the Iran war ◆ AT1 is 'rare gem' amid Rabo's capital reduction ◆ Significant market improvement sees BNPP stretching to dollar NC10 AT1

A series of foreign bank issuers move in force to raise dollars, pushing weekly issuance tally close to March 2025

Despite widening of business development companies' spreads, technicals remain favourable for FIG issuance

◆Rabo reenters euro senior market after more than a year away ◆ 'Pent-up demand' swells order book ◆ Green senior bail-ins down on 2024

Market participants ‘certainly won’t get bored’ during quiet weeks for issuance