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◆ Lack of comps making finding fair value tricky ◆ Leads spot the deal flat ◆ Demand strong despite contractual structure
◆ French firm sells its first mortgage-backed deal since April 2023 ◆ Negative new issue premium paid ◆ French firms enjoy positive political tailwind
◆ Investors flock to €300m print ◆ Bond priced flat to fair value ◆ Deal spotted tighter almost immediately in secondary
Sub-sections
Sub-sections
Deal reviews
◆ Lack of comps making finding fair value tricky ◆ Leads spot the deal flat ◆ Demand strong despite contractual structure
◆ French firm sells its first mortgage-backed deal since April 2023 ◆ Negative new issue premium paid ◆ French firms enjoy positive political tailwind
◆ Investors flock to €300m print ◆ Bond priced flat to fair value ◆ Deal spotted tighter almost immediately in secondary
◆ Small deal attracts big book ◆ Bond prices through fair value ◆ Austrian issuer compresses spread to more liquid peers
Opinion
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?
EGBs and USTs are having trouble too; what makes the UK any different?
Access to the UK market cannot be taken for granted
Analysis
Covered and corporate issuers almost wholly responsible for lower volumes
European banks well-insulated from tariff talk, but negative sentiment clouds pipeline
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
More articles
More articles
More from covered bonds
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◆ First deal since HSBC France takeover ◆ Rarity means wide range of fair value ideas ◆ Issuer eyes most popular point of the curve -
◆ Gilts rocked on macro fears but sterling bond issuance booms ◆ Just how much of a basket case is the UK anyway? ◆ Debt-for-nature swaps blossom
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◆ Tight govvie spread no problem for spread hunters ◆ No premium needed ◆ Some buyers resisted pricing through 70bp
