Covered Bonds

Société Générale pushes out the curve as yields move lower

Order book swells after final terms set as with earlier Austrian deals

Pair pay smallest new issue premiums in recent history but conditions expected to worsen

EU to tap long and short tenors after French election

Banks encouraged to snatch the central bank bid while it is still there

Demand is especially strong in the short end but has been good out to 10 years

Focus falls on covered bonds as senior funders wait until after the Easter break and ECB meeting

TD has raised the equivalent of $6bn in the covered bond market over the past two weeks

The 1.25% coupon and generous starting spread ensured swift and certain execution

Double digit arbitrage on offer as Canadian borrower lands inside euros

Higher yields and wider spreads have revitalised demand, as seen in Muenchener Hypothekenbank's recent deal, which attracted €2.75bn of demand from returning official institutions, as well as bank treasury investors from as far afield as Australia

Yields not seen for years on high rated names delight Swiss investors