BMO Capital Markets
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Spuerkeess, Fairstone Bank of Canada and Evangelische Bank issued mandates for debut bonds -
Yankee deals range from subordinated debt debuts to super long senior extensions
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Four banks brought dual tranche covered bonds in two days this week, to avoid being squeezed in congested market
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◆ Second covered from issuer this year ◆ Spread consistent with last dollar covereds ◆ ‘Everyone knows where three year dollar covereds are clearing,” banker said
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◆ Extends sterling curve by 15 months ◆ BMO 'well liked, well followed' name, lead says ◆ Lower NIP paid than on recent sterling trades
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◆ Issuers are fixated on 'short window', banker says ◆ Leads chose only two comparables for latest deal ◆ Orders swell beyond deal size
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◆ Public sector label helped with execution ◆ Order book included large block from a central bank ◆ Banker said small concessions was paid
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Non-US banks continue dollar funding ahead of congested post-Labor Day market
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Only third Portuguese covered this year ◆ Fair value at '13bp-14bp' says banker ◆ Investors responded well to three year tenor
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◆ British lender’s last dollar covered was in 2024 ◆ Banker said dollar covered offered saving versus euros ◆ Lloyds placed a similar bond two weeks ago
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◆ UOB cited last week's DBS covered as a comparable ◆ Singaporean bank issued a sterling covered last week ◆ Issuers using different currencies back-to-back is not unusual
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Books multiple times covered at £9.15 a share as commodities trader exits longstanding investment
