Covered Bonds

Higher sovereign rates are here to stay, but borrowers can cope

◆ Swedish issuer starts tight ◆ Deal lands close to recent SSA supply ◆ Seven year tenor offers investors something different

◆ Note lands close to national champion ◆ Issuer targeted price over size ◆ Deal shows Fridays are an open window

Issuer plans regular voyages to euro covered market

◆ Investors flock to tightly priced trade ◆ Next to no premium paid ◆ Sparebanken Vest is still to come

Investors showing a preference for rarer names and jurisdictions

◆ Both deals almost four times covered ◆ Pair tightened by 7bp ◆ Next to no premium paid for either bond

◆ Subscription ratio and spread move in line with recent deals ◆ Low single digit concession needed ◆ Small premium paid over sterling

Sparkasse Dortmund adds 10 year sub-benchmark offering to pipeline

Everyone knows investment bankers’ jobs can be cut at a moment’s notice. It’s one thing when you’re experienced and have made some money. But junior bankers are just as vulnerable, and have fewer options. It’s a big problem this year

◆ NN the first Friday deal in six weeks ◆ Investors hungry for undersupplied Dutch paper ◆ Book grows after spread set

Investors are hungry for any paper offering more than 3%