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French rates risk appetite returns but OAT spreads still a hurdle for covered issuers
◆ Slim book for German lender ◆ Investors hesitant over spread to SSAs ◆ Single digit concession needed
◆ Deal attracts largest CEE euro covered book ◆ Book holds up after 'aggressive' 12bp move ◆ Bond prices through fair value, but setting the level proves tricky
Data
Sub-sections
Sub-sections
Deal reviews
◆ Slim book for German lender ◆ Investors hesitant over spread to SSAs ◆ Single digit concession needed
◆ Book falls €1.5bn from its peak ◆ Offers small pickup to SSAs ◆ Trade lands flat to fair value
◆ Book supports large deal despite attrition ◆ Belgian scarcity makes finding fair value tricky ◆ 1.5 day execution chosen to aid price discovery
◆ Deal the largest single covered bond tranche in euros this year ◆ Single digit premium paid ◆ French issuers make the most of flat belly of the curve
Opinion
If bankers face tough rules over personal investments, shouldn’t politicians too?
EGBs and USTs are having trouble too; what makes the UK any different?
Access to the UK market cannot be taken for granted
As revellers made merry over the holidays, one group of people were already thinking ahead to the new year in a cold sweat
Analysis
French rates risk appetite returns but OAT spreads still a hurdle for covered issuers
SSA spreads present the only major hurdle for rampant covered bond revival
◆ Tight govvie spread no problem for spread hunters ◆ No premium needed ◆ Some buyers resisted pricing through 70bp
Slimmer premiums expected this January compared to previous years
More articles
More articles
More from covered bonds
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'No brainer' issuer set to price a seven year bond on Wednesday -
◆ Book crosses €3bn after 45 minutes ◆ Investors eager to buy any and all covered bonds ◆ Demand allows for next to no premium
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◆ Deal the UK lender's largest since 2010 ◆ Little to no premium paid ◆ UK paper in euros pricing close to EU peers
