Weekly Covers
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◆ Issuer attracted order book of €1bn ◆ Bid-to-cover ratio was consistent with recent precedents◆ Fair value not easy to establish -
◆ Shorter tranche tightens by 3bp ◆ Order book was skewed towards 7 year leg ◆ Issuer placed similar dual trancher in January
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◆ New issue premium debated ◆ Rival bankers praise outcome ◆ Secondary performance mulled
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◆ Nine years, 10 social inclusion euro bonds issued ◆ Social 'leadership' demonstrated with new deal ◆ Minimal premium paid, but fair value a 'challenge'
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◆ 'Cautious' start say some market participants ◆ New issue premium debated ◆ Price and size praised by rivals
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◆ One of four covereds issued on Thursday ◆ CMHL issued the last three French covered bonds ◆ Euro benchmark deal fixed at €1.25bn
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◆ General Mills debuts €1.7bn Reverse Yankee hybrids ◆ Engie raises €2.06bn-equivalent across euros and sterling ◆ Sub/senior spreads stay modest on Engie's euro tranches
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Demand allowed the bank to cut the yield by 35bp
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The country offers huge potential and possible pitfalls for investors
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Easter holidays and Middle East volatility subdued regular private placement activity though Gulf states step up private funding
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Country's sovereign bonds will react well to an opposition victory, but an Orban win will prompt a sell-off
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◆ Sterling benchmark deal was printed at £1bn ◆ Fourth sterling covered from Canadian issuer in 2026 ◆ Lead managers picked comps at 48bp-57bp over
