Weekly Covers
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The sovereign returned with a sizeable structured note -
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◆ Hong Kong rail operator takes size with three tranche trade ◆ Tight spreads achieved across all legs ◆ Deal offers rare exposure to Hong Kong-based corporates in euros
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◆ Wider optically, tighter underneath ◆ High quality from outset ◆ Pragmaticism on last basis point
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◆ Large order book with some attrition ◆ Fair value debated, with hedge funds spotting it tighter ◆ Investors turning more price sensitive, says lead
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◆ New sterling line, not headlines ◆ When the numbers finally work ◆ Three pillars hold the book
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◆ French lender opted for no-grow format ◆ Issuer landed tighter euro covered in January ◆ One of the day's three covered deals
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◆ Belgian issuer places euro benchmark deal at €500m ◆ One of three covered bonds issued on Wednesday ◆ 'Numbers tell their own story' says banker
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◆ More wiggle room than supras ◆ A book that kept building ◆ Why the issuer held back
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DLT expertise will be needed as markets are modernised
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◆ Canadian bank tightened spread by 6bp ◆ Euro benchmark deal placed at €1.25bn ◆ Canadian issuers have been busy in past three months
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◆ Issuer builds curve out to 2033s in euros ◆ Seven year 'ticked a lot of boxes' ◆ Recent NIB deal good reference for pricing
