Covered Bonds

Doubts about US banking sector undiminished but NIPs tighten in the FIG and covered bond markets

EU bonds traded heavily but caught a bid after Bunds widened against swaps

Orders have tumbled for a number of bond syndications recently when issuers have set final terms, which has proved a source of anxiety. But this is no bad trip; rather it is a market operating in a higher state of consciousness

Issuers plan to reopen the long end but no urgency to do so

Waiting for the perfect time to issue a long dated bond is a fool’s game

Certainty on inflation and rates outlook needed to catalyse supply

Banks are in no rush to price but deals should emerge before long

Stuttgart-based bank has two vacancies to fill after losing one staffer to RBC and another to ABN

Bawag gains traction with investors in short tenor, KEB hits target size but not spread

Not much to read into great deals from Germany and the EU, say traders

The issuer met its size and spread aspirations as Bawag lined up the market's next new issue

Investors flocked to to the €750m deal allowing the issuer to price at a small premium