Covered Bonds
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The market feels constructive and spreads are stable, traders said, but underlying mood is nervous -
Execution compared more favourably to a competing deal in the same tenor from NAB
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The four year sale landed with 3bp of premium after an aggressive start
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Long and short deals from MuHyp and Sparebank 1 had smoother execution
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The deal follows a hiatus of 10 year covered bond issuance, reinvigorating confidence in the tenor
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The opposing forces of inflation and recession mean the rates outlook is uncertain
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The UK covered bond bank's funding model gives it a competitive advantage
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Berlin Hyp issued its first green jumbo Pfandbrief as SR-Boligkreditt issued its largest covered bond
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Firms expected to pay lower concessions compared with before August
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Decent sizes available in Swiss francs for high quality offshore names
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Local investors are eager to buy covered bonds that pay floating rates
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Although the spread between Pfandbriefe and cantonal bank paper has widened, both still remain attractive
