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Duration returns to euro covered bonds but supply wave looks unlikely with relative value a sticking point
◆ Issuer prints €2.25bn across two tranches ◆ 10 year tranche solidifies returning long end demand ◆ Slim premium needed on both tranches
◆ Deal is third Austrian sub-benchmark in three weeks ◆ Seven years a sweet spot for investors ◆ Austrian supply down from last year with a rush of supply not expected
Sub-sections
Sub-sections
Deal reviews
◆ Issuer prints €2.25bn across two tranches ◆ 10 year tranche solidifies returning long end demand ◆ Slim premium needed on both tranches
◆ Deal is third Austrian sub-benchmark in three weeks ◆ Seven years a sweet spot for investors ◆ Austrian supply down from last year with a rush of supply not expected
◆ 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
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
Duration returns to euro covered bonds but supply wave looks unlikely with relative value a sticking point
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
More articles
More articles
More from covered bonds
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◆ At least five more deals expected this week ◆ Sub-benchmark names to take their time ◆ Further supply mooted -
◆ 'Stable' book grows after spread set ◆ Lack of recent Spanish supply helps pricing ◆ Illiquid secondaries create wide range of fair values
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How investment banks profit when clients can’t shop around, and why their clients should be grateful
