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German, French and Dutch banks the most likely candidates for the next long end deal
◆ 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
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
German, French and Dutch banks the most likely candidates for the next long end deal
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
More articles
More articles
More from covered bonds
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Stale secondary curves send average new issue premiums wider -
◆ Deal comes close to fair value ◆ Shorter tenor offers investors something different ◆ Mass wave of sterling supply not expected to follow
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◆ Strong demand allows for tight pricing ◆ New bond pulls Achmea's curve tighter ◆ 'Odd size' wraps up Dutch firm's covered funding
