BPCE exceeds expectations as long 5s draw €4.3bn book
BPCE SFH today launched the first and only euro benchmark so far this week, a €1.25bn long five year that attracted a bumper €4.3bn of orders, with the intermediate maturity and investor-friendly approach of the French issuer cited as factors in its success.
Caffil jumps on Trump ‘pause’ to smartly sell €1bn green 10s
A turnaround in financial markets in response to US president Donald Trump’s retreat on tariffs yesterday was this morning leapt on by Caffil, who reopened the primary market sooner than expected with a successful €1bn 10 year green covered bond on reasonable terms.
Hopes reined in after Tuesday proves to be eye of the storm
Syndicate bankers today pushed back their estimates of when euro benchmark covered bond supply might restart, after hopes raised by successful SSA trades yesterday were dashed by renewed volatility and weakness, as the trade war of words escalated further.
DZ Hyp to test long end after Aareal, ABN top expectations
Aareal Bank exceeded expectations with a €750m five-and-a-half year mortgage Pfandbrief today, while ABN Amro achieved the same level in three years as Nordea on Friday for double the size. DZ Hyp is set to test the long end tomorrow as part of a dual-trancher.
Nordea makes short work of Friday 3s for ‘super-tight’ level
Nordea achieved a “super-tight” spread to SSAs on a €750m no-grow three year green covered bond on Friday in its first euro benchmark in almost a year, as investors lapped up the short-dated Finnish deal, allowing for pricing flat to fair value and the tightest re-offer spread in over six months.
Danish Ship Finance seizes moment with enhanced profile
Having waited out rates volatility, Danish Ship Finance sold a €500m ship covered bond last Tuesday and enjoyed a “bigger and better” book than on previous euro benchmarks, as investors followed S&P in looking at it more favourably than ever, according to the issuer’s funding team.
Stadshypotek takes Nordics to sevens at minimal NIP in €1bn
Stadshypotek, Svenska Handelsbanken’s covered bond issuer, added duration at a minimal new issue premium today and against a backdrop of tight spreads versus SSAs, printing a €1bn seven year trade inside krona levels in the sixth Nordic euro benchmark in eight working days.
Paragon pioneers buy-to-let in RMBS-to-covered bond shift
Paragon Bank debuted the first UK regulated covered bond programme based on buy-to-let collateral last week, attracting over £1.4bn of orders to a £500m FRN that Paragon’s Karen Dench said marked welcome diversification into a stable funding source for the erstwhile RMBS stalwart.
Recent news
- DZ Hyp takes Germany to 7s, tests investor price sensitivity
- Issuers achieve size and price as investor pile-on persists
- ‘Gross imbalance’ means tight levels, big books for allcomers
- Slim pickings but fat books as covereds feel way into 2025
- Pfandbrief improvement seen after exiting unsecured shade
- Paragon files FCA covered application amid funding shift
- Investors open arms to BNPP 3s, MünchenerHyp plays safe
Latest benchmarks and subs
| Skipton | |||
| GBP500m | FRN | 2030 | +57bp |
| BPCE SFH | |||
| EUR1.25bn | 2.625% | 2030 | +50bp |
| CRH | |||
| EUR750m | 3.000% | 2033 | +62bp |
| Caffil | |||
| EUR1bn | 3.250% | 2035 | +71bp |
| DZ Hyp | |||
| EUR500m | 2.500% | 2029 | +26bp |
| Click issuer for more | |||
Categories
CBPP3»
5/05/23 •
Covered bonds seen well set for July end to CBPP3 era2/28/23 •
BHH shows life after CBPP3, HSBC Canada joins in fives2/21/23 •
NN, Sabadell successfully hit last CBPP3 primary orders
Dollars»
12/06/23 •
Dollars offer pbb unexpected cheer amid tricky conditions5/19/23 •
Westpac $1.75bn fives open 2023 dollar covered strongly12/09/22 •
RBC, BMO back for Canadian last hurrah in dollars, sterling
