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Investors are becoming more price sensitive, said one banker
◆ Deal is third Aussie trade in a week ◆ Aussie lender takes size ◆ Slim orderbook necessitates slim premium
◆ 10 year note raises €750m alongside €500m five year ◆ Longer note lands double digits through govvies ◆ Slim to no premiums paid for both bonds
Sub-sections
Sub-sections
Deal reviews
◆ Deal is third Aussie trade in a week ◆ Aussie lender takes size ◆ Slim orderbook necessitates slim premium
◆ 10 year note raises €750m alongside €500m five year ◆ Longer note lands double digits through govvies ◆ Slim to no premiums paid for both bonds
◆ Issuer prints €2.25bn across two tranches ◆ 10 year tranche solidifies returning long end demand ◆ Slim premium needed on both tranches
◆ Deal is third Austrian sub-benchmark in three weeks ◆ Seven years a sweet spot for investors ◆ Austrian supply down from last year with a rush of supply not expected
Opinion
Second tier names should not wait to issue, or they risk the spread compression running out of steam
When you reflect on your banking career — the thousands of pitch books, the countless analyses, iterations, scenarios, recommendations, and timetables — the gnawing question is whether you ever really added any value. Were you a strategic advisor and master tactician or just a Willy Loman with more air miles?
The investment bank compensation process is as much ritual as reckoning — a yearly exercise in hope, dread, and, for some, quiet fury. But while everyone’s sweats over their number, few stop to ask how it’s calculated. Here’s a blow-by-blow breakdown of what really happens behind closed doors
If bankers face tough rules over personal investments, shouldn’t politicians too?
Analysis
Duration returns to euro covered bonds but supply wave looks unlikely with relative value a sticking point
Second tier names should not wait to issue, or they risk the spread compression running out of steam
Single digits separate core and non-core euro covered spreads
German, French and Dutch banks the most likely candidates for the next long end deal
More articles
More articles
More from covered bonds
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◆ Macquarie five year follows in CBA's tailwind ◆ Pair pay minimal premiums ◆ Macquarie's first covered bond since 2022 -
◆ German Länder used to guide pricing ◆ Book holds firm as deal lands tight ◆ Wave of 15 year supply unlikely, but 10 years a possibility
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◆ Deal lands flat to recent Pfandbriefe ◆ No concession needed ◆ Tight domestic spreads drive Nordic investors towards euro prints
