Nordic and UK issuers eye sterling covered bonds
More borrowers will likely want to emulate the successes of last week’s sterling covered bonds issued by two Canadian banks. After rumours that a UK bank was looking to tap the market soon, Nordea Eiendomskreditt has updated its covered bond programme.
Sterling covered bonds issued last week by the Canadian Imperial Bank of Commerce (CIBC) and Bank of Montreal (BMO) enjoyed remarkable receptions. Both banks were able to achieve materially tighter pricing than available in the euro or dollar markets, and in large sizes.The glut of liquidity
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