Covered Bonds
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First new covered bond since the end of February ◆ Deal shows investor preference for short-dated paper – RBC ◆ Issuer benefits from minimal exposure to Middle East, says banker -
ICBC prints multi-currency 'safe haven' deal, yet limited read-across for European markets
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Market participants agree new issue premiums will go up when the Iran war ends, but not by how much
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Higher rates from the outbreak of the war have enhanced callable MTNs' yield appeal
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Bank issuance expected to resume next week in euros after corporates, dollar market lead
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The lack of covered bonds priced this week has focused minds on the the specific requirements of investors and issuers
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Research suggests up to €23bn of new covered bonds could still be issued in March
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Market participants recall NIP increases triggered by Trump's 'liberation day' tariffs
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French bank retains overall top spot in euro market, Crédit Agricole leads in senior and JP Morgan in third-party capital sales
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Norinchukin Bank markets dollar Global, but new deal's effects on European market are uncertain
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Market participants argue that market uncertainty makes shorter tenors more palatable for investors
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Investors, issuers and bankers will be watching the performance of German and Austrian government bond issues for signals
