Covered Bonds
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Stubborn SSA market sets floor on covereds as regional differences evaporate -
Lack of supply, not demand, will cause any slowdown in euro covered market say bankers
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◆ German lender enjoys window alone ◆ Eye-catching spread attracts bumper book ◆ Deal lands close to fair value
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◆ First euro covered since 2023 ◆ Double digit saving versus dollars ◆ Recent non-eurozone supply a better comp than Canadian curve
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◆ Deal is BHH's last before LBBW integration ◆ Investors eager to buy but last deal status not main driver ◆ Small pick-up to SSAs
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◆ Demand peaks at almost €4bn ◆ Tight print reprices Portuguese covered curve ◆ Market hopeful others will follow
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Dual tranche deal set to be German lender's last ahead of its integration with LBBW
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French rates risk appetite returns but OAT spreads still a hurdle for covered issuers
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◆ Slim book for German lender ◆ Investors hesitant over spread to SSAs ◆ Single digit concession needed
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◆ 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
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◆ Book falls €1.5bn from its peak ◆ Offers small pickup to SSAs ◆ Trade lands flat to fair value
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Wide range of pricing references considered
