Covered Bonds
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Borrowers are maximising deal sizes, implying that they believe conditions will worsen -
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
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Spreads will widen next year, say bankers
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Southern European banks to lean on covered bonds for TLTRO refinancing
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EU-Bonds to have same status as government debt, says central bank
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Banks will lean on covered bonds but prefer long maturities
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Wider spreads, difficult markets but plenty of opportunity
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Sizeable euro funding to supplement domestic deals across the Nordic region as Swedish domestic advantage ebbs
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End of ECB bond buying will 'level the playing field' for non-euro names
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Bank credit spreads hold firm despite the ECB's aggressive tightening complicating FIG issuance next year
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Aggressive withdrawal of central bank support set to reprice sovereign and covered bonds in 2023
