Euro

Rising supply and a lack of secondary market performance put investors off covered bonds

New issue concessions creep up as smaller, less liquid issuers suffer

Borrowers fill screens on Thursday after poor market open a day earlier kept issuers away

◆ Issuer meets target with debut deal ◆ Deal comes 2bp back of recent Italian supply ◆ Trade follows two day marketing period

◆ Big orders and minimal premium for senior sale ◆ NatWest brings affordable housing bond ◆ Dutch debut from Triodos

◆ More tightening ‘doesn’t feel like the right thing to do’ ◆ New framework maintains dark green rating ◆ Dollar FRN on the table

Borrower explains August's bond for loan swap

◆ Starting level was wider than some expected ◆ New issue premium ‘creeping up’ in recent weeks ◆ New framework gets S&P rating

◆ ’One of the best trades’ from the past two weeks ◆ Dutch agency chooses short maturity ◆ NIPs have ‘crept up’ but deal priced tight

◆ German real estate lender to print first subordinated note in a decade ◆ Crédit Agricole Assurances copmpletes bullet with no book attrition ◆ Insurer uses proceeds to buy back two perpetual notes

Borrower looks to have paid modest concessions after credit markets opened wider on Wednesday

◆ No book size revealed ◆ Issuer braves volatile market ◆ Short end of curve tricky to navigate