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Second tier names should not wait to issue, or they risk the spread compression running out of steam
◆ Macquarie five year follows in CBA's tailwind ◆ Pair pay minimal premiums ◆ Macquarie's first covered bond since 2022
◆ German Länder used to guide pricing ◆ Book holds firm as deal lands tight ◆ Wave of 15 year supply unlikely, but 10 years a possibility
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Sub-sections
Deal reviews
◆ Macquarie five year follows in CBA's tailwind ◆ Pair pay minimal premiums ◆ Macquarie's first covered bond since 2022
◆ German Länder used to guide pricing ◆ Book holds firm as deal lands tight ◆ Wave of 15 year supply unlikely, but 10 years a possibility
◆ Deal lands flat to recent Pfandbriefe ◆ No concession needed ◆ Tight domestic spreads drive Nordic investors towards euro prints
◆ 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
Opinion
Second tier names should not wait to issue, or they risk the spread compression running out of steam
When you reflect on your banking career — the thousands of pitch books, the countless analyses, iterations, scenarios, recommendations, and timetables — the gnawing question is whether you ever really added any value. Were you a strategic advisor and master tactician or just a Willy Loman with more air miles?
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?
Analysis
Second tier names should not wait to issue, or they risk the spread compression running out of steam
Single digits separate core and non-core euro covered spreads
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
More articles
More articles
More from covered bonds
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◆ Book falls €150m from its peak ◆ Leads pledge €107m ◆ Single A deal tricky to compare -
Stale secondary curves send average new issue premiums wider
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◆ Deal comes close to fair value ◆ Shorter tenor offers investors something different ◆ Mass wave of sterling supply not expected to follow
