Covered Bonds

Concessions creeping down as new issue spreads widen

Issuers will need to offer more generous concessions as they return from blackout, despite a stellar start to the year in the primary market as investors recalibrate strategies in search of spread direction

Central banks will turn dovish, but timing when is a mug's game

Tap sold to a single investor one day after the original syndication attracted almost 90 interested accounts

Issuance to slow as borrowers face higher premiums on longer tenors

Euro paper was slow to build, but Swiss francs note flies off the shelf

Orders came in when the spread was set in line with initial guidance

Fast money covered shorts following heavy selling two weeks ago

Shorter deals from NordLB and KBC fared better than Baca’s 2029 note

Two deals demonstrated ample demand for covered bonds across the maturity curve

With covered bond new issue premiums in decline, French banks issued short and long dated tranches as more issuers prepare to print

French issuer prints with 2bp-3bp NIP amid strong FIG primary market