Liquidity glut fuels exceptional demand for sterling covereds
A surfeit of sterling liquidity drove demand for covered bonds to new heights this week with exceptional deal executions seen in two Canadian bank transactions, raising the likelihood that a UK bank will soon follow.
Sterling covered bonds issued this week by the Canadian Imperial Bank of Commerce (CIBC) and Bank of Montreal (BMO) enjoyed remarkable receptions. Both issuers were able to achieve materially tighter pricing than available in the euro or dollar markets, and in large sizes.
Bankers attributed their success to
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