Weekly Covers
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A very rare sovereign issuer from CEE is preparing a new bond ahead of a maturity -
War uncertainty and volatile rates have halted European unsecured bank issuance in euros
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New deals appear in euros and dollars after substantial dollar issuance last week
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Poste will not borrow for the cash component
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Market participants pray for no negative news overnight in hope of ‘pre-Easter wave of issuance’
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Former corporate’s green deal will be first under new state guarantee regime
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Issuers are waiting for the volatility caused by the escalation of the war in the Middle East to normalise, bankers have said
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Before the Iran war started, primary was in rude health
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Primary needs stability, on top of any peace deal
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◆ Spread fixed early at 53bp over Sofr ◆ Priced in line with ANZ’s dollar trade on Monday ◆ BMO has been a pioneer in covered issuance this year
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Five months in, Alessandro Melzi is getting started on the plan, but his boss is about to change
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Issuance was packed into the first half of the week ahead of a heavy central bank policy meeting schedule
