Covered Bonds
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Insurers and asset managers drive long dated revival -
◆ Deal attracts strong early momentum ◆ Slim premium paid as HVB lands size ◆ Pick-up offered over German SSAs
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◆ Caffil aims for 12 years, LBBW goes for 10 ◆ Pair of €500m deals attract almost €5bn of combined demand ◆ Single digit concessions offered
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◆ Joint biggest deal of the year attracts largest book since last May ◆ Final spread the tightest in almost a year ◆ Sterling offers saving compared with euros or dollars
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◆ Trade the tightest in euros since early April ◆ Single digit concession paid ◆ Deal comes close to SSA curves
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◆ Deal was Sparkasse Hannover's second in benchmark format ◆ Domestic demand drives deal but some international accounts take part ◆ Next to no premium paid
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◆ Deal lands close to fair value ◆ Demand holds firm despite 7bp spread move ◆ CEE a 'growing' market for covered bonds
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Diversity of deals on offer as recession fears subside
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◆ UBS's covered programme now 'well-known' a year after launch ◆ Investors like the chance to pick up triple-A rated Swiss risk in euros ◆ Premium needed for contractual structure
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◆ Tight deal proves popular ◆ Investors eager to buy seven year paper ◆ Achmea's secondary curve points to higher fair value
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◆ US gives further clues on MDB support ◆ FIG issuers face funding choices ◆ What's the point of the EU green bond standard?
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The potential for further Trump-induced volatility leaves issuers saving covered bonds for even rainier days
