Covered Bonds
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French three year deal and Berlin Hyp's five year collect combined demand of more than €5.5bn, undisturbed by repricing in the asset class -
Issuers and investors show affinity for the asset class as its pipeline fills up
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The tenor is not great for issuers but funding options are limited and investors love it
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Two year covered bond funding is not ideal, but may become the best option
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The central bank did not buy the usual 20% of one deal issued this week
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Generous concessions and exceptional relative value powered order books
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GlobalCapital spoke to CRH’s CEO about its blockbuster covered bond
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Investors overallocated after Germany 30 year flop
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Anxiety was high after the Banque de France was absent in Caffil’s six year
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First two-year for seven years required substantial price discovery
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Elevated new issue premiums are likely needed for any issuer contemplating a covered bond longer than five years
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The bank has issued more in 2022 than in the past three years combined
![Deutsche Bank and Commerzbank in Frankfurt in front of a gray sky symbolising the crisis of the financial institutions and their possible merger.[M]](https://assets.euromoneydigital.com/dims4/default/0a4ae5f/2147483647/strip/true/crop/575x323+0+26/resize/320x180!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F24%2F3b%2Fa3118fca48b6be3a57ed21e6e8dd%2Fdeutsche-commerzbank-alamy-575-375.jpg)