Covered Bonds
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Eurozone banks could start repaying TLTRO loans early now it is more expensive, which may drive bond issuance -
The European Central Bank’s retreat from monetary easing should be nuanced and gradual
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Reinvestments limited this year and may cease altogether next year, say market participants
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Take two minutes to respond to eight multiple choice questions
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Shorter durations, higher concessions and smaller books spell trouble
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The sovereign bond rally has underpinned SSAs but covered bonds are softening
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Swiss covered bond issuer pays no premium for bumper triple tranche offering
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Tighter Bund/swap spread and wider senior spreads blamed
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Bank of Nova Scotia garnered €2bn jumbo size with the shortest Canadian deal but spread widening pressure forces it and SP Mortgage Bank to pay up
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Core eurozone issuers pay higher new issue premiums after swap spreads tighten
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Away from the heavy Canadian issuance in euros this year, Bank of Nova Scotia diversified funding with Kangaroo covered bond
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The search for safety turns investors to covered bonds
