Covered Bonds
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Canadian lender pays ‘marginal’ concession and lands through dollars -
8x covered book shows the ‘sweet spot’ is the covered curve’s short end
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Foreign and domestic issuers placed over Sfr1.5bn of senior unsecured and covered paper
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Senior unsecured market hopes for immunity as covered spreads set to widen
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The largest deal in six months offered cheaper funding than euros
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Credit Ag and UniCredit AG built big order books
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Size and spread close to what was possible in euros
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Borrowers are maximising deal sizes, implying that they believe conditions will worsen
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Heavy supply to 'weigh on the market', especially in the long end
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Total demand exceeded €9bn for Tuesday’s Spanish and German deals
