Covered Bonds
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The UK covered bond bank's funding model gives it a competitive advantage -
Berlin Hyp issued its first green jumbo Pfandbrief as SR-Boligkreditt issued its largest covered bond
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Firms expected to pay lower concessions compared with before August
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Decent sizes available in Swiss francs for high quality offshore names
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Local investors are eager to buy covered bonds that pay floating rates
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Although the spread between Pfandbriefe and cantonal bank paper has widened, both still remain attractive
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A mix of deals are expected to follow stable market opener
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Despite average concessions rising throughout 2022, prices are 'manageable'
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Covered bonds to end 2022 with net-negative new issuance
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Investors show that even during summer they have cash to put to work if the deal is right
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Defensive €250m no-grow sale set to tap into short end demand
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Widening in local currency benchmark covered bonds makes new domestic issuance unattractive
