DZ Bank
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Absence of larger covered bond issuers provides a window for smaller deals -
◆ German bank fixed spread and size at outset ◆ Issuer not 'closely followed in UK' ◆ Niche sterling issuer meant 'no clear reference for FV'
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◆ OTP Mortgage Bank order book outstrips previous demand ◆ Tightening in line with recent performance, says banker ◆ OTP becoming 'more established' as covered issuer
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◆ €500m no-grow tightened by 7bp ◆ Issuer hits fair value, says lead ◆ Order book held up well through execution
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Originator hired to go after bank bond issues in euros and dollars
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◆ Covered was first from issuer since October 2025 ◆ Spread chosen to retain quality of order book ◆ Pipeline update
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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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◆ Austrian bank's first covered in nearly two years ◆ Both tranches offered 5bp of NIP says banker ◆ Modest 3bp tightening reflects 'normalisation' of covered market
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◆ Deal part public sector, part mortgage covered bonds ◆ Both legs 'at or close to fair value' ◆ Covereds oversubscribed due to political uncertainty
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Bankers reach for superlatives as four deals price tightly
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Bremen-based real estate and construction firm targeting three, five and seven years
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◆ 'Odd' that deal landed so close to ESM ◆ Mid-curve tenors enjoy 'even better' demand ◆ Hamburger Sparkasse six year eyed
