Covered Bonds
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Rare ultra-long Swiss govvie auction cannibalises interest at the long end -
The defensive maturity was instrumental in attracting a broad cross-section of demand
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The EU’s July 2032s offer value but hefty supply in the second half of the year is feared
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Central bank rate decision will provide clarity on deal parameters and issuance volumes
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Cracks appear in covered execution as investors change tack towards higher yielding deals
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Australian US dollar deals trade wider than Canadians and the curve is steep
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Investors have become increasingly picky in the face of a supply glut
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SSA and covered bond spreads are being marked wider but selling has been limited
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Issuers’ spread and size ambitions are limited as investors call the shots
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Oversubscription, 5bp price tightening and a smaller concession are reassuring signs for the asset class after a week of struggling deals
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Undersupplied five year point the ‘sweet spot’ for covered deals
