Covered Bonds
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The deal was quick to build and met Aussie issuer’s funding targets -
Intesa Sanpaolo’s restart of the additional tier euro market and the maturity extension of covered bonds signals a turning of risk sentiment
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Demand was good for the rare Finnish deal, but the result of a six year from Arkéa was less clear cut
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Interest was driven by a higher than usual proportion of international demand
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The transaction was priced flat to more established names
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The EU's latest new issues were trading up in the grey market and further SSA mandates are expected to follow
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The framework is expected to be compliant with the Covered Bond Directive
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With Tuesday’s deal, Crédit Agricole will have fulfilled slightly more than 60% of its funding plan for 2022
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Flood of cash came into the deal early on due to pent-up demand
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Rising swap rates open opportunities for arbitrage at attractive yields
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TD issues the first euro five year Canadian deal in six weeks and its first euro deal in two years
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Investors flocked to the short dated core European sub-benchmark trade
