Covered Bonds

◆ 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%

◆ Norwegian lender shows longer tenors are no issue ◆ Investors flock to four times covered deal ◆ Slim premium paid to reopen market

◆ Deal lands after lengthy roadshow ◆ Investors pledge over €1.15bn of orders for sub-benchmark print ◆ Single digit concession offered

Estonian lender Coop Pank could also make its covered debut on Thursday

Banks have plenty of buy-to-let assets on their balance sheets; issuers should follow Paragon's lead for as long as investors and regulators allow

Pfandbrief split across four tranches spanning 3.4 to 23.6 years

Issuers will probably have to ‘re-establish’ new issue premiums at a higher level

Banker who helped bring covered bonds to Singapore and grow the market globally