Covered Bonds
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Short end deals the safest option, but firms will still have to pay up for funding -
Aussie covered supply in euros for 2022 is exceeding market expectations
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Regulatory needs to drive decisions as banks await chance to top up their MREL funding
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Deutsche paid a juicy concession for its second deal in six weeks
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Long-dormant funding option to revive as conditions align with those in euros
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Borrowers got deals away but the high costs will deter others
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The EU is expected to tilt the bulk of remaining supply to the long end of the curve
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Covered concessions are hefty but costs and risks are far lower
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'Drive-by' trades a possibility, but most issuance is on hold until after this week's central bank meetings
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Eurozone banks could start repaying TLTRO loans early now it is more expensive, which may drive bond issuance
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The European Central Bank’s retreat from monetary easing should be nuanced and gradual
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Reinvestments limited this year and may cease altogether next year, say market participants
