Covered Bonds
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Converging funding costs to euros will revive dollars further -
High repayment of ECB funding will suggest elevated covered bond issuance to come
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The European Union’s syndication was priced cheaply in a receptive market
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Curve inversion makes fives problematic for issuers outside Europe
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The deal was priced flat to Barclays’ recent new issue but was double the size
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Issuers made the most of pent-up demand in what may be the final flurry of new issuance for the year
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More popular short dated trades helped propel annual covered bond issuance in single currency to new high
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Stop-start core markets fuelling issuers’ desire to diversify into niche currencies
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Investors left the order book after size aspirations were set
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The deal ‘drew a line’ under a period of hefty secondary market selling
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Deals performing but market lacks conviction, say dealers
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Caffil’s green label and early commitment to the size of the deal spurred demand
