Covered Bonds
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Covered bond spreads could widen into year-end even though there are strong technical factors supporting the market -
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Austrian borrower attracts strong demand following pre-deal roadshow
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Swedish firms flock to MTN market in search of covered and senior funding
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Bond issuance by the EU and trickier conditions in September push covered bond investors to look at shorter maturities
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Stellar demand for Deutsche Pfandbriefbank’s (PBB) five year covered bond suggests that the rare tenor stands to become a more thematic maturity
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If the European Central Bank is serious about promoting banking sector consolidation, it must wean issuers off the Targeted Long Term Refinancing Operation
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German bank mandates leads for first covered bond in over a month, choosing rare five year tenor
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New funding goals mean FIG supply volumes could be even lower than expected in 2021
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A pair of banks moved the bar downwards as they printed two of the tightest Australian dollar deals since the 2008 financial crisis: ING Australia found demand for dual tranche covered bond, while United Overseas Bank tapped the three year point of the curve.
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ING is set to print the first Australian dollar covered bond of the year this week. Covered paper out of the region has remained scant over the last 12 months, but issuance is set to pick up as onshore lenders start to think about life after the end of the Reserve Bank of Australia's Term Funding Facility.
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The Swedish krona covered bond curve has steepened over the course of the year alongside a rise in net issuance, with last month's volumes almost twice those of last July.
