Covered Bonds
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◆ Issuer tightens spread by 4bp ◆ Stronger opening on Wednesday paved way for covered ◆ Deal offered some new issue premium -
◆ Bond the first EuGB covered ◆ Danish issuer tightens spread by 5bp ◆ Issue offers next to no concession
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◆ Swiss issuer placed four tranches going out to 15yr ◆ First Pfandbrief from the issuer since January ◆ Banker said volatility is affecting demand for longer-dated bonds
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◆ Canadian issuer landed first covered since October ◆ Issuer fixed the spread at the start of execution ◆ Banker said there is decent liquidity in dollar covered bonds
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Issuers are waiting for the volatility caused by the escalation of the war in the Middle East to normalise, bankers have said
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◆ Spread fixed early at 53bp over Sofr ◆ Priced in line with ANZ’s dollar trade on Monday ◆ BMO has been a pioneer in covered issuance this year
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Issuance was packed into the first half of the week ahead of a heavy central bank policy meeting schedule
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European Central Bank's more 'balanced' tone may offer reprieve for bond execution
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Shrinking books 'nothing to complain about' as market values quality not quantity
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Inflation fears and rate volatility keep euro issuance at bay
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Many factors could affect the relative value of covered bonds and SSAs this year
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