Covered Bonds
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Canadian bank has opened books for an Aussie dollar deal after tackling dollars and euros -
LBBW’s February 2028s traded 5.5bp inside the reoffer spread on Tuesday
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Another German issuer and a French bank are looking to follow
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Covered bonds attract big order books, resulting in large euro and dollar deals
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New issuance to grind to a halt as issuers waiting for regulatory clarification over the EU's Covered Bond Directive must update documentation
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Covered bond directive implemented with lightening speed
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German lender open to issuing with other labels if investor interest is sufficient
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A strong OAT performance and decent concession helped the EU
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Demand at the short end of the Swiss curve allows for attractive pricing
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Others would be 'very bold and arrogant' not to consider following up with a deal of their own
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German issuer was able to print a longer dated bond than has been the norm but Korean borrower had a tougher time despite the new issue premium it paid
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Banks have need and desire for funding in non-core markets
