Nomura
-
◆ Bankers benchmarked trade against recent Canadian deals ◆ Issuer paid ‘couple of basis points” of NIP ◆ Latest in a series of sterling covered deals -
◆ Banker said deal offered little new issue premium ◆ Euro transaction on Tuesday triggered the deal ◆ Lloyds' last sterling covered was issued in October 2025
-
Market tipped to be a marathon, not a sprint, as Aareal Bank becomes fourth issuer of 2026 and fixed rate tranches take root
-
◆ German bank fixed spread and size at outset ◆ Issuer not 'closely followed in UK' ◆ Niche sterling issuer meant 'no clear reference for FV'
-
◆ Issuer tightens spread by 8bp ◆ Deal prices outside comps ◆ Lack of Japanese covered bond law affects demand, says banker
-
-
-
This year’s expected surge in IPOs and M&A deals should drive a proliferation of strategic equity derivative transactions, with $2bn of fees up for grabs
-
Investors are thirsty for yield and willing to sacrifice spread
-
◆ Large deal kickstarts FY 2025-26’s linker programme ◆ Shorter maturity caters to investor demand ◆ ‘Consistent, business-as-usual approach’ celebrated by markets
-
◆ Japanese bank returns to euro market after many years ◆ Global asset managers reducing US dollar exposure ◆ Euro issuers facing increased competition
-
◆ €1.7bn deal gets 2025 funding past the line ◆ Seven year print and 18 year social tap ◆ Bankers say market gives 'good results' and more supply inbound
