Covered Bonds
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Rising swap rates open opportunities for arbitrage at attractive yields -
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
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The market ‘lacks conviction’, which should support covered bond supply next week
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Tenor, attractive starting spread and green credentials enabled a larger than expected deal
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Demand for top rated short dated covered bonds remains healthy, despite hefty supply
