Covered Bonds
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The framework is expected to be compliant with the Covered Bond Directive -
With Tuesday’s deal, Crédit Agricole will have fulfilled slightly more than 60% of its funding plan for 2022
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Flood of cash came into the deal early on due to pent-up demand
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Rising swap rates open opportunities for arbitrage at attractive yields
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TD issues the first euro five year Canadian deal in six weeks and its first euro deal in two years
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Investors flocked to the short dated core European sub-benchmark trade
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Segro may bring two trancher in euros on Wednesday
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Rates market flows have become more 'balanced', though supranational bond offers are hard to find
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Other Dutch covered bond issuers likely to follow suit
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The quality of demand was good but subscription ratios were low
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The cost of funding was tighter than what the borrower could have expected had it issued in euros
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Market conditions were good but three of four deals on Monday proved underwhelming
