Covered Bonds
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Even though French lender has raised €4.25bn, concessions have fallen -
Potentially difficult deals from UniCredit, Aareal and Oma went superbly well
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ING paid hardly any premium, yet hauled in excessive demand
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Sharp rise in yields draws investors back, even to the long end
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More issuers in the UK and from outside will soon follow
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The deal paid a juicy premium and was 4.8 times subscribed
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The high spread and short tenor drew tremendous real money interest
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Deal comes as ECB makes sweeping change to the size of its order for new issues
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Rare issuers and formats line up to make the most of a quiet, but stable market
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Investors pledge £1.8bn to deal proving strength of demand
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Banks divided on whether to say how much of ESG bonds go to sustainable funds
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Riskier assets an ever more popular sale proposition as investors chase yield
