Covered Bonds

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

Covered and unsecured issuers await greater stability, despite positive signs in secondary

The issuer is also looking to end a six year absence from publicly placed RMBS

Exceptional moves in rates could impact relative value across the FIG capital structure

◆ Deal the first publicly placed UK covered bond secured on buy-to-let mortgages ◆ Saving spotted versus RMBS ◆ Low double digit pick-up needed over prime UK paper

Credit market conditions strong as rates demand slows

◆ Rates and geopolitical volatility weigh on investor sentiment ◆ Fast money investors show price sensitivity ◆ Low single digit premium paid

When an investment bank splashes out on a big money rockstar hire, it’s not just a transaction or a rejig of the org chart; it’s a public statement of intent as well as a high profile bet that comes with a lot of buzz, bravado, and backbiting

Leads to use comparables ranging from South Korea to Denmark when pricing upcoming deal

German issuer's own comparable tenor deals disregarded in favour of more recent peer supply