Covered Bonds
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Central bank expected to end seven years of negative rates on Thursday -
Appetite for four deals was closely correlated to their maturity
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The EU's Covered Bond Directive was supposed to clear up regulatory ambiguity but in the end investors decided for themselves
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An impending curve inversion means demand will head even shorter
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Special attention to size, tenor, labelling and timing ensured a solid outcome
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The issuer could have followed Coventry into euros after its LCR breakthrough
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Incentives to buy longer deals from ING and Sparebank Vest were less obvious
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Volatility is high, the mood is nervous and the long end looks shaky
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The deal went well, even though it is ineligible for liquidity portfolios
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Coventry Building Society’s deal attracted the most demand despite concerns over LCR status
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NordLB scored its largest order book on Monday as investors flocked to covered bonds
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The issuer did not need the funding but was keen to establish a strategic presence
