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Deal reviews
Issuer clears £500m deal 3bp above where NatWest issued on Monday
Leeds Building Society is lining up a similar five year deal for £500m
After widening earlier this year, covered spreads are coming in
Illiquid secondaries for older deals led the syndicate to look at recent Dutch supply instead
Secondary market
Yields and spreads collapse amid ‘desperate buying’
Sticky wage growth and higher net supply may then hit sentiment
EU expected to syndicate a green bond
Inventories to be pared down as end of year approaches
Opinion
Why lock in a high spread just because primary conditions are stellar?
Investors are hungry for higher yielding FIG bonds
◆ Records smashed in primary markets but what's driving it? ◆ Why order books are so swollen ◆ Rampant demand but companies want to cut hybrid debt
Returning investors to the asset class are playing the spread between different varieties of bank bonds, giving issuers something to think about and swelling their order books
Analysis
Issuers may be lured to refinance maturing Pfandbriefe amid benign funding conditions
Central bank meetings suppress weekly covered bond volumes to their second lowest levels this year
More credence should be placed on recent deals as secondary curves trade wide of new issues
Non-eurozone deals are attracting big books and tight pricing
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