Covered Bonds

◆ Eight year spread set at same level to five year debut ◆ Book just about covered, leads left holding paper ◆ Some concession needed in a tricky market

Ludwigsburg eyes duration, while MBH plans 'classic club' deal

The recent high profile bankruptcies of Tricolor and First Brands have cast an uncomfortable spotlight on the private credit market. For commentators and investors alike, these events trigger a familiar debate.

ESG deals show there is more to labels than just saving on spread

◆ Sterling covered bond follows AT1 and senior deals in US dollars ◆ Latest trade is the tightest Sonia covered of 2025 ◆ Comes amid visible recent performance in the asset class

◆ 'Rocking' book over 4.5 times covered ◆ Slim premium leaves room for performance ◆ Austrian undersupply supports demand

No 'pronounced' pick up to Austrian national champion names expected

◆ What is pushing CLO mezz wider ◆ FIG pre-funding underway ◆ What happened at the World Bank/IMF Annual Meetings

No investors involved in Caffil's latest deal mentioned concerns over French risk

Issuers' desire to put covered pre-funding to one side suggests concerns over bumps ahead

Deal expected to be priced after multi-week marketing period

◆ First senior preferred in two years ◆ 3bp of concession ◆ Senior spreads 'really tight' versus covered bonds