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Top section
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◆ Rare Portuguese issuer lands very close to Pfandbrief ◆ Tightening in covered bond spreads prompts divergent views on where fair values are ◆ Both issuers fund close, if not flat to, perceived fair values
◆ Austrian lender opts for longest maturity considered ◆ Market participants debate impact on broader market ◆ 'Minimal' new issue premium but slim pick-up over sovereign more notable
◆ Note is the issuer’s first in euros since 2022 ◆ Slim pick-up paid over larger peers ◆ Little impact from upcoming merger
Sub-sections
Sub-sections
Deal reviews
◆ Rare Portuguese issuer lands very close to Pfandbrief ◆ Tightening in covered bond spreads prompts divergent views on where fair values are ◆ Both issuers fund close, if not flat to, perceived fair values
◆ Austrian lender opts for longest maturity considered ◆ Market participants debate impact on broader market ◆ 'Minimal' new issue premium but slim pick-up over sovereign more notable
◆ Note is the issuer’s first in euros since 2022 ◆ Slim pick-up paid over larger peers ◆ Little impact from upcoming merger
◆ Deal is TSB’s second in euros ◆ Minimal concession paid ◆ Bond offers single digit spread over UK 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
Almost one in five euro benchmarks have been tightened by a double digit spread this year
Senior unsecured competition to put pressure on covered pipeline
Covered and corporate issuers almost wholly responsible for lower volumes
European banks well-insulated from tariff talk, but negative sentiment clouds pipeline
More articles
More articles
More from covered bonds
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◆ Euro covered priced inside dollars for Canadians ◆ Small premium paid ◆ Infrequent funder 'in the pack' with peers -
◆ Capped deal starts with spread range fixed from outset ◆ Issuer adds €115m of orders after setting spread ◆ Finding fair value tricky
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◆ Five year deal planned ◆ Savings banks to drive demand ◆ Deal to harness interest for high spread German paper
