Covered Bonds
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A further rise in core inflation will undermine positive sentinment -
Numerous explanations abound for why appetite for risk is so strong but the truth may be more nuanced
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January was the second highest issuance month on record
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Market participants were scouring for signs that the central bank was scaling back purchases
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Deal found huge demand, other banks are set to follow
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The ECB could halve its 20% covered bond bid from February 1
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More demand than any other deal this year and a record for Lloyds
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Latest covered deal Pfandbriefzentrale's smallest since 2021
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No sign of fatigue even though almost €40bn has been issued in 2023
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Issuers should take advantage of the favourable funding conditions — but keep offering concessions as they do
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Demand holds up despite flood of new bonds
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Thirty year EU bonds have widened about 20bp since November
