Atanas Dinov

Senior Debt

◆ Nordic lender appears with short-dated defensive note ◆ Public FIG FRN sales YTD highest since at least 2020 ◆ Format benefits investors and issuers

Atanas Dinov, February 14, 2025

FIG

Rabobank becomes latest sterling arb chaser

◆ Another offshore borrower set to print in euro 6NC5 format ◆ Issuers favour October 2029 Gilt ◆ Investors 'quite ambivalent' about choice of Gilt

Sarah Ainsworth, February 14, 2025

Covered Bond Analysis

A crushed car is lifted by a crane after being crushed at a scrap yard.

The great compression: tight covered spread differential causes unease

Single digits separate core and non-core euro covered spreads

Frank Jackman, February 13, 2025

FIG

ATTRITION text written on black wooden frame school blackboard.

FIG issuers turn conservative to avoid primary market attrition

Some FIG primary trades experienced big attrition levels this week in a sign that dynamics could be shifting

Sarah Ainsworth, February 13, 2025

Regulatory Capital

Cycling - Tour de France - Prologue - London. France's Anthony Charteau of the Credit Agricole Team

Crédit Agricole rides yield hunting wave to score hit AT1

◆ Investors rush to buy despite yield compression... ◆ ... as French bank aims for both big size and 10 year non-call ◆ Issuer achieves lowest euro reset spread

Atanas Dinov, February 13, 2025

Covered Bond Deal Reviews

An aeroplane flying low over a hotel in Lisbon. Portugal.

Santander Totta advances non-core compression to UniCredit Germany

◆ Rare Portuguese issuer lands very close to Pfandbrief ◆ Tightening in covered bond spreads prompts divergent views on where fair values are ◆ Both issuers fund close, if not flat to, perceived fair values

Atanas Dinov, February 12, 2025