Crédit Agricole
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Market enters third chapter of 2026, in which issuers and investors strike a more equal balance even though issuers may need to pay up -
◆ Macquarie tightened by 6bp to 27bp over ◆ Banker said this represented ‘small new issue premium’◆ Bankers said investor demand for covereds is cooling
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The preference for a diverse group of lead managers and the convention of reciprocity keep covered bond bookrunning competitive despite concentration so far this year
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◆ UK building society offered 1bp-2bp NIPs on each tranche ◆ Banker said covered was 'well-flagged' ◆ Second banker said they took BNS and added 'UK pick-up'
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◆ Order book close to €5bn ◆ Spread tightened by 9bp ◆ Pick-up over OATs
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◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium
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Here are some of the winners in DCM and syndicate
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◆ German bank started wider at 50bp before tightening ◆ DKB is known for issuing at the long-end ◆ Bond is trading as much as 2bp tighter in secondary
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◆ Issuer had market to itself on Tuesday ◆ Deal landed covered just outside fair value ◆ Issuer's first covered bond since October
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◆ Swiss bank's first covered since January 2025 ◆ Only new covered bond anywhere on Monday ◆ Pricing comfortably inside fair value
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Promotion after strong gains in corporates and MTNs
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Lamarque is one of the architects of modern European bond syndication, said one colleague
