Covered Bonds
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Segro may bring two trancher in euros on Wednesday -
Rates market flows have become more 'balanced', though supranational bond offers are hard to find
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Other Dutch covered bond issuers likely to follow suit
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The quality of demand was good but subscription ratios were low
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The cost of funding was tighter than what the borrower could have expected had it issued in euros
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Market conditions were good but three of four deals on Monday proved underwhelming
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The market ‘lacks conviction’, which should support covered bond supply next week
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Tenor, attractive starting spread and green credentials enabled a larger than expected deal
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Demand for top rated short dated covered bonds remains healthy, despite hefty supply
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The short tenor and price transparency comforted investors, helping to drive early order book momentum
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Short maturity helped ensure ANZ paid a much lower concession for its deal than Bank of Nova Scotia
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Commerzbank’s transparent pricing ensured it was able to issue its largest covered bond ever
