全球有担保债券综述：一级市场活动-先睹为快

Europe Fixed Income Strategy05 June 2025JPMORGANwww.jpmorganmarkets.comEurope Corporate Credit - Covered BondsSuraj Dey, CFA AC(44-20) 7134-1722suraj.dey@jpmorgan.comJ.P. Morgan Securities plcPrakhar Agarwal(91-22) 6157 3046prakhar.x3.agarwal@jpmchase.comJ.P. Morgan India Private LimitedPrimary activity – A sneak peekFigure 1: Primary market snapshotNIP3Y10YUK5YSource: J.P. Morgan, Bloomberg Finance L.P.Figure 2: EUR new issue pricing spread (ASW)bp (Y-axis) vs. Maturity in years (X-axis), 55, 43010203040506001234567891011Source: J.P. Morgan, Bloomberg Finance L.P.Figure 3: EUR new issue pricing yield% (Y-axis) vs. Maturity in years (X-axis), , 01234567891011Source: J.P. Morgan, Bloomberg Finance L.P.Primary activity – In detail[Bloomberg Finance L.P.]Priced•Bayerische Landesbank (BYLAN) – German mortgage covered bond•Size: $600mm•Maturity: 3Y•Pricing: SOFR MS+60•Guidance: SOFR MS+60-62•Coverage ratio: c.1.6x (including JLM interest)•Other details: This is the second publicly distribut