Covered Bonds
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Polish lender's drew a bigger oversubscription than eurozone peers last week -
German bank optimises size to push €800m funding through on the last day of ECB's 30% covered bond orders
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Proposed instrument draws comparisons with unused and controversial OMT programme
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Issuers are expected to squeeze deals in on Friday and Monday
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The deal underperformed but could pave the way for further issuance
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FIG issuers should not feel they have to print just because the summer is coming
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Sterling and Swiss francs offered viable alternatives to euros
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The ECB's order could fall from next week
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Calmer conditions prompt covered issuers to rush into the market
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Up to 25 FIG deals across asset classes expected in euros before the summer break
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Aareal and Wuestenrot offer single digit premiums for short, defensive deals
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No tightening until market stabilises with new issues to dry up
